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The trading segment dragged HKMU down, losing IDR 234 billion

28 February 2022 05:43

JAKARTA. The trading segment became the primary factor of the depleted sales of PT HK Metals Utama Tbk (HKMU), causing the company to lose IDR 234 billion in 2021 due to the decreased revenue by 30%.

HKMU’s revenue dropped 30% to IDR 389.7 billion from IDR 560 billion recorded in 2020. The trading segment contributed to the loss with 79% lower sales, followed by the light steel segment of 43%, and aluminium of 17%. Moreover, the loss also resulted from the adjustment of supply numbers of IDR 104 billion and the extra current year’s receivables loss allowance of IDR 101 billion.

Jodi Pujiyono, Corporate Secretary of HKMU, admitted that the company had not yet succeeded in optimising the performance, even after the company’s endeavour to generate satisfying results through business transformations. They include focusing on the manufacturing process, customer projects, the industry, and export opportunities.

Pujiyono further revealed that numerically, its gross profit still grew. However, percentage-wise, it was still below the target. “In 2022, we only aim to maintain the gross profit margin due to several external factors,” he clarified in the official release last week. The said external factors include the omicron variant of COVID-19, the highly significant commodity price surge, and the still-recovering market condition. (AM/ZH)

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