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Covid-19 Pandemic forces Cahayaputra Asa Keramik’s profit down by 93%

23 March 2021 15:00

JAKARTA. PT Cahayaputra Asa Keramik Tbk (CAKK), the ceramic tile manufacturing company with IDR 93.6 billion assets, sees a sharp decline in its 2020 net profit due to the pandemic.

The management of CAKK announced that the company recorded its net profit of 2020 at IDR 144 billion, 93% lower compared to last year or year-on-year (yoy).

At the same time, its revenue also decreased 25% yoy in 2020 to IDR 217.01 billion. To provide more details, IDR 173.91 billion of the company’s revenue originated from ceramic floor tiles sales, IDR 42.02 billion came from ceramic wall tiles sales, and another IDR 1.08 billion was from other miscellaneous sales.

According to the recently released financial report, the management of CAKK mentioned that this revenue decrease is the result of the lower demand from the market. “Domestic consumption during 2020 reached minus 2.63% due to reduced mobility and economic progression."

During mid-2020, the company’s management also had to stop some of its operations while maximising its production facilities’ efficiency to further lower its operational cost. (KR/ZH)

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