Increased expenses drag HRUM’s net profit down by 52.77%
JAKARTA. Although its revenue grows, the net profit of PT Harum Energy Tbk (HRUM) in the first half of 2021 depletes 52.77% to USD 10.35 million following the welling in several expenses.
Based on its financial report until June 30, 2021, HRUM gains USD 155.72 million in revenue, expanding 12.84% from USD 102.54 million reported in H1 2020. The contracts with users become the segment with the highest contribution, earning USD 108.96 million. It is higher than USD 96.09 million reported last year. Then, the rental segment follows with USD 6.76 million, also increasing from USD 6.44 million.
Despite its success in reducing the revenue cost to USD 60.47 million from USD 71.21 million in H1 2020, the general and administrative expenses rise instead to USD 13.25 million from USD 11.54 million. Other expenses also show a significant swelling to USD 11.09 million from USD 61,552, while finance costs double to USD 1.14 million from USD 560,428.
Furthermore, its earnings before tax slide off to USD 27.34 million from USD 28.35 million. Thus, its tax shoots up and drags down its current profit to USD 19.08 million from USD 23.86 million. In the end, the current year’s profit attributable to the parent company, or HRUM’s net profit, plummets 52.77% to USD 10.35 million in H1 2021. (AM/ZH)