Cutting off expenses, Mustika Ratu turned the tides to profitability
JAKARTA. Significant reductions in several expense posts managed to drive improvement on the performance of PT Mustika Ratu Tbk (MRAT), allowing its loss in H1 2022 to turn to net profit at the end of the first half of 2023.
According to the financial report, the revenue of this cosmetic and herbal medicine manufacturer clocked up to IDR 167.80 billion at the end of the first half of 2023, slightly increasing from IDR 166.89 billion, while other sources of income brought in IDR 550.03 million. Meanwhile, the cost of revenue also increased 9.98% year-on-year (yoy) to IDR 84.42 billion from the initial IDR 76.77 billion.
However, the decline in its expenses, including selling expenses that shifted from IDR 67.30 billion to IDR 51.42 billion, as well as general and administrative expenses that went down from IDR 26.75 billion to IDR 24.92 billion, allowed the company to record net profit attributable to the parent entity of IDR 37.28 billion. Meanwhile, in the same period in 2022, MRAT booked net loss of IDR 9.9 billion. (AM/ZH)