Prima Alloy Steel ends Q1 2021 with a sales decline
JAKARTA – PT Prima Alloy Steel Universal Tbk (PRAS) suffers from an IDR 16.80 billion drop in sales throughout Q1 2021 as a result of the ongoing COVID-19 pandemic since last year. Djoko Sutrisno, the President Director of Prima Alloy Steel Universal, reveals the news through its Financial Report of Q1 2021, quoted Monday (7/6).
It is mentioned that the sales only reach IDT 55.492 billion, decreasing from IDR 72.74 billion in Q1 2020. Despite the decline, the main contributor to the sales comes from the export segment. Export to the United States generates IDR 30.33 billion, Europe IDR 10.42 billion, Asia IDR 12.02 billion, and Africa IDR 931.45 million. Meanwhile, the Australian market fails to yield results like in Q1 2020.
The company exerts efficiency in its cost of goods sold, thus enabling to score IDR 4.74 billion of the gross profit, increasing from IDR 3.31 billion in Q1 2020. However, the company also sees a rise in its financial and other expenses, thus suffering an IDR 40.66 billion loss before taxes from IDR 8.86 billion in the same period last year. Lastly, the company’s comprehensive loss is at IDR 33.75 billion, an escalated loss from IDR 7.60 billion in Q1 2020. (LK/ZH)