Publicly listed food manufacturer PT Mayora Indah (MYOR) reported a net profit slump during the first three quarters of this year, driven primarily by surging costs of goods sold and negative currency
ublicly listed food manufacturer PT Mayora Indah(MYOR) reported a net profit slump during the first three quarters of thisyear, driven primarily by surging costs of goods sold and negative currency.
Mayora's profit tumbled 67.21 percent to Rp 249.59 billion during the January-September period from a similar period last year, the firm said in its consolidated financial statement on Friday.
Such a lower profit resulted from surging costs of goods sold that increased by 36.8 percent to Rp 8.81 trillion over the period, offsetting net sales that soared 22.93 percent to Rp 10.56 trillion.
As a result, the gross profit of Mayora, the producer of instant coffee Torabika, coffee candy Kopiko and chocolate snack Choki-Choki, decreased by 18.55 percent to Rp 1.75 trillion.
In addition to this, it also suffered a foreign exchange loss of Rp 291.1 billion, hurting its other income.
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