HomeNewsVideos

High expenses knocked down KBLI’s net profit by 51% yoy

30 August 2022 13:54

JAKARTA. PT KMI Wire and Cable Tbk (KBLI) only managed to score IDR 12 billion of net profit in the first half of 2022, 51% year-on-year (yoy) lower than the number recorded in the same period last year.

KBLI, in fact, brought in revenue of IDR 73.44 billion in H1 2022, which was 15% higher than IDR 63.87 billion recorded in H1 2021.

However, on the other side, KBLI’s selling expenses were indeed doubled to IDR 29.17 billion in H1 2022. In H1 2021, the selling expenses only reached IDR 12.74 billion.

These swollen expenses subsequently hindered the performance of the profit before tax in H1 2022, which arrived at IDR 14.75 billion, slipping off 45.4% yoy.

After taking a look at the recently issued financial statement, KBLI’s soaring selling expenses in H1 2022 resulted from the cost of transport, which peaked at IDR 14.5 billion. For comparison, in the same period last year, the company only spent IDR 3.82 billion on its transport costs.

In 2021, KBLI reported having revenue of IDR 1.76 trillion, while its net profit amounted to IDR 93.74 billion. (KR/ZH)

© 2024 - IDN Financials - All Rights Reserved.