JAKARTA - PT Delta Dunia Makmur Tbk (DOID) suffered US$ 22.68 million loss for the first quarter of this year. This figure dropped dramatically compared to US$ 1.36 million profit in the same period last year.
Based on DOID's financial statements ending March 31, 2020, the company's net revenue was recorded at US$ 193.82 million, down 9.39% from US$ 213.91 million in Q1 2019. The company's revenue was contributed by the mining services, rental of heavy equipment as well as other services.
In line with declining revenues, DOID's cost of revenue in the first quarter also dropped to US$ 159.43 million from US$ 184.47 million in the same period last year. The Company managed to reduce its operating expenses and financial expenses, US$ 10.08 million and US$ 13.65 million, respectively.
On the other hand, DOID’s other expenses skyrocketed from US$ 343,757 in Q1 2019 to US$ 30.62 million in Q1 2020. This increase was supported by foreign exchange losses which reached US$ 30.32 million in the first quarter. The company also recorded an income tax expense of US$ 4.75 million. As a result, the company had to suffer a loss of US$ 22.68 million. (LM)