JAKARTA. PT Media Nusantara Citra Tbk (MNCN) announced its net profit record in Q1 2020 of Rp 332.7 billion, 43% lower than its record in Q1 2019. The decline was mainly caused by foreign exchange loss.
In its disclosure of information, MNCN management mentioned that the foreign exchange loss recorded during Q1 2020 reached Rp 244.43 billion. In Q1 2019, the company recorded a foreign exchange gain of Rp.70.35 billion.
Without the foreign exchange loss, MNCN's management claimed the company could still maintain double-digit growth to Rp 577.2 billion in Q1 this year. "Which is a 12% growth YoY with a profit margin of 29%," said MNCN's management in its official statement.
MNCN's net profit in Q1 2020 was supported by consolidated revenue of Rp 2.02 trillion, with a growth of 7% YoY.
The consolidated revenue came from the advertising business (Rp. 1.77 trillion) and content (Rp 471.4 billion). (KR/AR)