Revenue increased by 13.17%, MDKA's net profit dropped 26.26% yoy
JAKARTA - PT Merdeka Copper Gold (MDKA), a mineral mining company, reported a 26.26% yoy decrease in net profit, from US$ 20.31 million in Q1 2019 to US$ 14.93 million in Q1 2020, although posting a 13.17% yoy increase in revenue, from US$ 91.71 million (Q1/2019) to US$ 103.77 million (Q1/2020).
Despite the increase in revenue, the company posted a higher cost of revenue, 30.62%, rising from US$ 52.99 million (Q1/2019) to US$ 69.22 million (Q1/2020), causing a 10.71% drop in gross profit, from US$ 38.71 million (Q1/2019) to US$ 34.57 million (Q1/2020).
Furthermore, the company booked a 10.80% increase in financial costs, from US$ 4.11 million (Q1/2019) to US$ 4.56 million (Q1/2020) and 25.16% in income tax expense, from US$ 8.62 million (Q1/2019) to US$ 10.79 million (Q1/2020), further increasing the drop in net profit. (ARM/AC)