Mining Companies Owned By The Edwin Soeryadjaya And Sandiaga Uno Conglomerates This Loss Of Rp72 Billion In The First Quarter Of 2021

JAKARTA - A mineral mining company, PT Merdeka Copper Gold Tbk, recorded a decline in performance in the first quarter of 2021. The issuer coded MDKA shares, which is affiliated with the Saratoga Group, also significantly corrected its revenue and net profit.

Quoted from the MDKA financial report published on the Indonesia Stock Exchange (IDX) website, Wednesday, May 19, the company owned by conglomerates Edwin Soeryadjaya and Sandiaga Uno recorded revenues of 46.54 million US dollars or Rp674.49 billion in the first quarter of 2021. This achievement down 55.15 percent from 103.78 million US dollars in revenue in the first quarter of 2020.

The Tujuh Bukit project's revenue was a major stressor to MDKA's overall performance as it was corrected 67.45 percent to US $ 29.14 million compared to US $ 89.5 million in the same period last year.

In fact, Wetar and other project revenues managed to record growth to US $ 16.85 million and US $ 548,082 respectively. Based on geographic segmentation, export sales experienced a significant decline, especially to Hong Kong which only amounted to US $ 26.62 million compared to US $ 95.29 million in the same period last year.

Meanwhile, domestic sales managed to increase to US $ 6.5 million in the first quarter of 2021 from US $ 1.5 million in the first quarter of 2020. MDKA's cost of revenue in the first three months of this year was not far from revenue, namely 48.77 million US dollars.

As a result, MDKA recorded a loss for the period attributable to owners of the parent entity amounting to 4.98 million US dollars or Rp72.17 billion. The acquisition is inversely proportional to the net profit that MDKA managed to get in the first quarter of 2020 amounting to US $ 14.97 million.

The company's total assets increased to 1.16 billion US dollars, supported by an increase in cash and banks by 277.35 million US dollars. Meanwhile, the company's total liabilities rose to 438.94 million US dollars at the end of March 2021 compared to 365.96 million US dollars at the end of 2020.