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Temas recorded a decline in its profit due to foreign exchange loss

22 June 2020 10:15

JAKARTA - PT Temas Tbk (TMAS), a shipping company, recorded a decline of 87.77% YoY in its profit in Q1 2020, from Rp 42.32 billion to Rp 5.71 billion.  The decline was mainly caused by the depreciation of the rupiah against US dollar amid the COVID-19 pandemic.

As quoted from the company's financial statements published on Monday (22/6), the company actually recorded a positive performance, with a growth of approximately Rp 100 billion to Rp 706.84 billion. The biggest contributor to the company's revenue was shipping services for third parties (Rp.504.10 billion), followed by loading and unloading services (Rp.222.51 billion).

the company's gross profit was recorded at Rp 118.90 billion, higher than its record in Q1 2019 of Rp 72.61 billion. Its pre-tax profit was recorded at Rp 16.77 billion, down from Rp 54.20 billion recorded in Q1 2019. The decline was mainly caused by foreign exchange loss, which was recorded at Rp 67.69 billion. (LK/AR)

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