JAKARTA. PT Gunung Raja Paksi Tbk (GGRP) recorded a loss of US$ 11.74 million in the second quarter (Q2) of 2020, which caused the company to record a consolidated loss of US$ 10.8 million in the first semester (1H) of 2020.
GGRP's management explained that the massive loss was mainly caused by the closure of one of the two Beam Plants that produce IWF & HBeam iron, and 1 of 2 Wire Rod Mill that produce Wire Rod products. "While eleven other business units continue to run production activities," said GGRP's management through an official statement.
In the company's financial statement that was just released, GGRP reported that the company's net sales also dropped by 16.78% year on year (YoY) in 1H 2020 to US$ 315.65 million.
In the middle of July, GGRP had explained the impact of the COVID-19 pandemic on their business. To minimize the impact of the pandemic, the company reduced raw material expenditure and maximized its finished products, while also negotiating payments to a number of companies, such as PT Perusahaan Listrik Negara (Persero), PT Perusahaan Gas Negara (Persero) Tbk (PGAS). (KR/AR)