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RAJA: From profit in Q1 2019 to loss in Q1 2020

14 May 2020 10:34

JAKARTA - PT Rukun Raharja Tbk (RAJA) experienced losses of US$ 850,104 in Q1 2020, a turn from US$ 1.99 million gain in Q1 2019, even though the company noted 0.22% increase in revenue, rising from US$ 29.37 million in Q1 2019 to US$ 29.44 million in Q1 2020.

In addition, RAJA also noted 0.45% decrease in costs of revenue, from US$ 24.48 million (Q1/2019) to US$ 24.37 million (Q1/2020), resulting in a 3.60% increase in gross profit, rising from US$ 4.89 million (Q1/2019) to US$ 5.07 million (Q1/2020).

However, other expenses bloated, 216.71%, rising from US$ 1.57 million (Q1/2019) to US$ 4.99 million (Q1/2020), although the company managed to press general and administrative expenses by 38.88% from US$ 3.67 million (Q1/2019) to US$ 2.24 million (Q1/2020). This phenomenon happened due to the steep hike of interest expenses, 448.99%, from US$ 118,538 (Q1/2019) to US$ 650,756 (Q1/2020) and US$ 2.14 million loss from foreign exchange, which was a stark difference from the US$ 261,334 gain in Q1 2019, causing the company to suffer losses in Q1 2020. (ARM/AC)

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