JAKARTA. The revenue of PT KMI Wire and Cable Tbk (KBLI) shifts downward by 20.8% year-on-year (yoy) in the first six months of 2021 to IDR 715.19 billion.
Based on the recently published financial report, the depleting revenue results from the low demand for electric cable products in both domestic and export markets. For example, in H1 2021, the local demand for power cables drops 15.1% yoy to IDR 705.41 billion, while the export market only generates IDR 9.8 billion, massively shrinking by 80% yoy.
In addition, KBLI could not obtain any income from cable sales and construction contracts to the related parties in the first half of the year. On the contrary, the cable sales to related parties generated IDR 4.19 billion, while the construction contracts bring in IDR 18.28 billion to the revenue.
Fortunately, despite its decreased sales, KBLI still shows a positive net profit, scoring IDR 24.51 billion. For the record, this manufacturing company, which has been operating circa 1974, suffered from an IDR 94.75 billion loss in the same period last year. Several efficiencies implemented by the company in H1 2021 include cutting back cost of revenue, selling expenses, and financial expenses.
According to idnfinancials.com, as of June 2021, 49.47% of KBLI’s shares are under the control of Denham Pte Ltd. The remaining 50.53% is dispersed among the public investors. (KR/ZH)