MD Pictures, Production House Owned By Manoj Punjabi, Its Revenue Soared 107 Percent In Q1 2021

CEO MD Pictures, Manoj Punjabi. (Photo: Instagram @manojpunjabimd)

JAKARTA - The film production house, PT MD Pictures Tbk, has managed to record an increase in performance in the first quarter of 2021, driven by the booming digital film segment. The company coded FILM shares also posted a net profit, after previously having lost.

Quoted from the MD Pictures report published on the Indonesia Stock Exchange (IDX) website, Friday, April 16, this production house owned by Manoj Punjabi earned IDR 60.96 billion in revenue in the first quarter of 2021. This achievement increased 107.65 percent year on year (yoy) from IDR 29.36 billion in the first quarter of 2020.

The jump in revenue can be seen most from digital film sales, where in the first quarter of 2021, the segment achieved sales of IDR 51.05 billion. The number jumped 197.55 times from IDR 257.02 million in the same period the previous year.

The high sales of digital films are able to offset the decline in revenue from the big screen segment. In the first quarter of 2021, sales of widescreen films were valued at IDR 2.2 billion, down from IDR 17.28 billion in the first quarter of 2020.

In addition to posting an increase in sales, MD Pictures was also able to reduce the cost of goods sold to IDR 27.28 billion from the previous IDR 30.61 billion. The company also posted a gross profit of IDR 33.67 billion, reversing a gross loss of IDR 1.25 billion.

As a result, net income attributable to the owners of the parent entity reached IDR 18.14 billion in the first quarter of 2021, reversing from a net loss of IDR 8.99 billion in the first quarter of 2020. Earnings per share to IDR 1.92 from previously -IDR 0.79.

Meanwhile, MD Pictures disbursed cash for investment in the first quarter of 2021 amounting to IDR 71.61 billion, up from IDR 26.98 billion in the previous year. Cash and cash equivalents at the end of the period amounted to IDR 68.16 billion, down from the end of the first quarter of 2020 amounting to IDR 183.25 billion.

MD Pictures recorded liabilities of IDR 44.71 billion, up from the end of 2020 of IDR 21.99 billion. Short-term liabilities swelled to IDR 41.32 billion, while long-term liabilities were IDR 3.39 billion.

MD Pictures' equity grew to IDR 1.35 trillion in the first quarter of 2021 from last year's IDR 1.33 trillion. Total assets reached IDR 1.39 trillion, an increase from the end of 2020 amounting to IDR 1.35 trillion.