JAKARTA - PT Tunas Baru Lampung Tbk (TBLA), a company that engages in the plantation sector, was only able to generate a net profit of IDR 405.11 billion during January-September (9M) 2020, 19% lower than the net profit in the same period last year.
In fact, they were able to book revenues of IDR 8.07 trillion during 9M 2020, growing 27.12% Year on Year (YoY). In this period, the company's gross profit still showed positive growth of 7.96% YoY.
The management of TBLA stated that the decrease in net profit was due to the increase in the company's operating expenses in 9M 2020; starting from an increase in general and administrative expenses by 20.6% (YoY), in selling expenses by 23.2% (YoY), and in interest expenses and other financial charges by 15.35% (YoY).
They also stated that there was a foreign exchange loss of IDR 71.05 billion during 9M 2020; whereas they were able to make a profit from a foreign exchange difference of IDR 22.86 billion in the same period last year.
For details, TBLA's revenue in 9M 2020 was from the sales of manufactured products and their derivatives from processing oil palm and sugar plantations. Total sales of palm oil products and their derivatives contributed IDR 5.5 trillion or 68.15% to total sales. The remaining IDR 2.49 trillion came from the sales of sugar products and their derivatives. (KR/VA)