JAKARTA - Sales of PT Estetika Tata Tiara Tbk (BEEF) were recorded at Rp 374.19 billion at the end of the first quarter of this year. The amount rose 34.47% from the achievements of the same period last year amounted to Rp 278.27 billion.
Based on BEEF's financial statements ending March 31, 2020, the largest contribution to the company's sales came from biological assets of Rp 196.75 billion, followed by offal meat and beef products (Import) of Rp 80.76 billion, advanced products of Rp 60.05 billion, meat offal and beef products (local) Rp 29.87 billion and others Rp 6.74 billion.
In the first three months of this year, BEEF's cost of goods sold increased 60.36% on an annual basis to Rp 371.13 billion from Rp 231.42 billion in Q1 2019. This was due to increased inventories at the beginning of the period of biological assets. The company's biological assets skyrocketed from Rp 15.51 billion in Q1 2019 to Rp 110.46 billion in Q1 2020.
BEEF distribution expenses increased to Rp 10.64 billion and other expenses were recorded at Rp 7.25 billion in the first quarter. As a result, the company recorded a net loss of Rp 32.69 billion in the first quarter of 2020, or decreased compared to net profit in Q1 2019 amounting to Rp 14.93 billion. (LM)