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Cikarang Listrindo records 28% drop in net profit
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Logo of PT Cikarang Listrindo (Courtesy of/www.lowongankerja15.com)
P
ublicly listed independent power company PT Cikarang Listrindo booked US$40.35 million in net profit in the first half of the year, down 28.04 percent year-on-year (yoy) from a decline in revenue and an increase in financing costs.
The company recorded revenue of $278.78 million in the first half of the year, a 0.69 percent lower yoy than $280.71 million last year.
The company stated in a press release that the decline in revenue was attributed to 0.5 percent lower demand for electricity compared to the previous year, particularly due to many factories closing during the extended Idul Fitri holiday.
Cikarang Listrindo said it had curbed sales costs 2.74 percent to $177.58 million to reach a gross profit margin of 36 percent in the first half of the year.
But increased financing costs cut into its net profit, which fell 28.04 percent to $40.35 million, it stated.
Meanwhile, the company recorded $68 million in net cash flow and a 50:50 debt-to-equity ratio. (ris/bbn)
