JAKARTA. PT Megalestari Epack Sentosaraya Tbk (EPAC), a manufacturer of plastic packaging, recorded a 4.5-fold increase in its net profit in the first semester (1H) 2020 to Rp 2.45 billion.
According to its financial report, EPAC's management said that the growth in net profit was mainly caused by better efficiency and foreign exchange gains.
The company's financial burden declined by 36.6% Year on Year (YoY) to Rp 5,561 billion. This efficiency is an effort made by the company's management to minimize the impact of the COVID-19 pandemic. The company also recorded foreign exchange gains of Rp 1.34 billion.
This occurred despite the fact that EPAC's sales declined by 2.02% YoY to Rp 83.57 billion in 1H 2020. The decline was not too large, as the company was trying to increase sales to a number of affiliated companies.
A number of affiliated companies include PT Global Niaga Pratama, PT Samindo Mandiri, PT Bengawan Partners, and PT Benteng Sarana Sukses. (KR/AR)