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Merdeka Copper Gold profit slumps 84.7% in H1 2021

25 August 2021 19:22

JAKARTA. PT Merdeka Copper Gold Tbk (MDKA) records a net profit of USD 5.87 million within the first six months of 2021. It is 84.7% lower than the profit reported in the same period last year of USD 38.27 million.

This massive downturn stems from the MDKA’s revenue in H1 2021 that weakens by 31.8% year-on-year (yoy) to USD 135.42 million. In the first half of 2020, the company used to succeed in collecting USD 198.81 million in revenue.

On the other hand, MDKA’s operating expenses in H1 2021 also soar 75.9% yoy to USD 13.02 million. The high increment in the said expense is due to extra professional costs spent by the company, reaching USD 5.17 million or surging 185% yoy.

MDKA currently possesses total assets of USD 1.19 billion, while its equity is reported to reach USD 753.99 million.

As of June 30, 2021, PT Saratoga Investama Sedaya Tbk (SRTG) controls 18.29% of MDKA’s shares. Then, PT Mitra Daya Mustika follows with 12.87% ownership, PT Suwarna Arta Mandiri 6.05%, Banyuwangi Regency Regional Government 4.25%, and public investors 49%. The rest of the shares are divided amongst the company’s directors and commissioners. (KR/ZH)

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