JAKARTA – The performance of PT Indorama Synthetics Tbk (INDR) saw a downturn compared to last year of profit. The loss resulted from increased cost of revenue that exceeded sales number.

In 2023 Financial Report quoted today (23/2), the issuer suffered from a loss of USD 40.8 million, down as much as 195.94% from the profit in 2022 of USD 42.53 million. Throughout 2023, INDR’s revenue was recorded at USD 785.59 million, down 16.81% year-on-year (yoy) from USD 936.14 million in 2022. The cost of revenue clocked up to USD 806.71 million, resulting in gross loss of USD 21.11 million, a total contrast from profit of USD 80.81 million.

The revenue decline was seen across export and domestic sales. Exports were recorded at USD 379.21 million, slipping from USD 493.87 million. Meanwhile, sales in the domestic market shrank from USD 444.04 million to USD 408.90 million. (LK/ZH)