JAKARTA. PT Polychem Indonesia Tbk (ADMG), a polyester and chemical manufacturing company, posted a loss of US$5.22 million in the first quarter (Q1) 2022 due to high cost of goods sold and investment in a number of stocks.
ADMG's cost of goods sold in Q1 2022 was recorded at US$45.88 million, 0.8% higher than the company's net sales of only US$45.52 million. The company's net sales in this period decreased 7.1% year-on-year (yoy) or compared to Q1 2021.
Apart from the high cost of goods sold, ADMG's losses in Q1 2022 were also caused by investments in equity instruments, which were set at FVTPL. For the record, FVTPL is a financial asset managed by the company with the aim of trading in the near future.
Investments in stock instruments operated by ADMG in Q1 2022 recorded a loss of US$4.13 million. Meanwhile, in the same period last year, investment in stock instruments could generate a profit of US$1.39 million.
A number of stocks that are part of ADMG's portfolio as of March 31, 2022 are PT Gajah Tunggal Tbk (GJTL). PT KMI Wire and Cable Tbk (KBLI), PT Equity Development Investment Tbk (GSMF), PT Indonesia Prima Property Tbk (OMRE), and PT Bank Ganesha Tbk (BGTG).
According to data from idnfinancials.com, GJTL's share price fell 2.99% year to date (ytd) or since the beginning of 2022. Then KBLI's share price rose 29.59% ytd, GSMF fell 46.30% ytd, OMRE fell 31, 55% ytd, and BGTG down 35.87%. (KR/LM)