Jakarta, CNBC Indonesia – The financial performance of PT HK Metals Utama Tbk (HKMU) is getting depressed. In the first quarter of this year, the company recorded a loss of Rp 13.7 billion, a 348.36 percent increase over the same period the previous year, Rp 3.06 billion.
The real pressure can be seen from HKMU’s revenue, which fell 7.55% on an annual basis to Rp 129.49 billion. The actual cost of goods also decreased 5% on an annual basis to Rp 108.79 billion.
However, the decline was not able to compensate for the decrease in income. As a result, HKMU’s gross profit fell 23.19% on an annual basis to Rp 11.69 billion.
In other income finance posts, HKMU actually recorded a figure of Rp 3.16 billion, an increase of 367.6% compared to the same period the previous year, Rp 676.43 million.
However, general and administrative expenses jumped 60.57% on an annual basis to Rp 13.86 billion. Other expenses also flew 324% on an annual basis to Rp 12.93 billion.
As a result, HKMU recorded a loss for the year of Rp 14.38 billion, a significant increase from the previous Rp 3.15 billion in the first quarter of last year. This is also what makes the company’s net losses soar.
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