Emtek, Company Owned By Conglomerate Eddy Kusnadi Sariaatmadja Succeeds In Raising A Profit Of IDR 264 Billion, From A Previous Loss Of IDR 210 Billion

Conglomerate Eddy Kusnadi Sariaatmadja. (Photo: Doc. Wikimedia Commons)

JAKARTA - PT Elang Mahkota Teknologi Tbk (EMTK) aka Emtek recorded revenue growth and turned around to post a net profit in the first six months of 2021.

In Emtek's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Tuesday, August 3, the company owned by conglomerate Eddy Kusnadi Sariaatmadja earned Rp6.45 trillion in revenue. The net income value rose 21.56 percent year on year (yoy) from Rp5.3 trillion as of June 2020.

The cost of revenue reached Rp4.47 trillion, up from the previous Rp3.81 trillion. Gross profit still increased to Rp1.98 trillion from the same period the previous year of Rp1.49 trillion.

As a result, the parent of the SCTV and Indosiar television stations posted a profit for the period attributable to owners of the parent entity of Rp264.58 billion in the first semester of 2021. The net profit was reversed from a net loss of Rp210.44 billion as of June 2020.

This shareholder of PT Bukapalak.com Tbk used cash for investment activities of Rp3.01 trillion as of June 2021, a significant increase from the previous Rp311.43 billion.

One of EMTK's funding comes from a rights issue worth Rp9.18 trillion. EMTK's cash and cash equivalents also reached IDR 8.43 trillion as of June 2021. This value increased from IDR 3.25 trillion as of June 2020.

Emtek recorded liabilities of Rp3.28 trillion as of June 2021, down from the end of 2020 of Rp5.48 trillion. Short-term liabilities as of June 2021 reached Rp1.98 trillion with long-term liabilities Rp1.3 trillion.