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The profit of PT Pelat Timah Nusantara declines by 87.97% yoy

20 July 2020 11:57

JAKARTA. The surge in administrative expenses and foreign exchange losses affected the profit of PT Pelat Timah Nusantara Tbk (NIKL). The company's profit declined by 87.97% (yoy) in the first half of 2020 to only US $ 290,053.

According to the company's financial report published on the Indonesia Stock Exchange's website (BEI), the company recorded a 16.07% decline in sales to US$ 69.73 million from US$ 83.09 million recorded in the first half of 2019. With a cost of goods sold of US$ 66.17 million, NIKL's gross profit declined by 50% to US$ 3.56 million.

Furthermore, the increase in administrative expenses (US$ 2.14 million) and the foreign exchange losses US$ 198,304, caused the company's net profit to decline significantly to US$ 290,053. (AM/AR)

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