JAKARTA - PT Paper Factory Tjiwi Kimia Tbk (TKIM) achieved an unsatisfactory performance in the first three months of this year. This company from the Sinar Mas Group posted a decline in sales and net profit in the first quarter of 2021.
Based on the company's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Wednesday, June 23, net sales of the company owned by the late conglomerate Eka Tjipta Widjaja fell 0.19 percent to 266.77 million US dollars (approximately Rp3.7 trillion). end of March 2021. In the same period last year, the company still pocketed net sales of 267.30 million US dollars.
In detail, Tjiwi Kimia's net sales in the first three months of 2021 were supported by sales of cultural paper of US$185.31 million, down 13.12 percent on an annual basis (yoy). Followed by sales of industrial paper and others worth 81.46 million US dollars, which rose 50.90 percent from the achievement in the same period last year.
Meanwhile, the cost of goods sold for TKIM recorded a slight decrease of 0.67 percent in the first quarter of 2021 to US$230.79 million, from US$232.36 million in the first quarter of 2020.
As a result, Tjiwi Kimia's gross profit grew 3 percent to 35.98 million US dollars at the end of March. Meanwhile, in the same period the previous year, TKIM only posted a gross profit of US$34.93 million.
Until the end of March, TKIM posted operating expenses of 23.78 million US dollars, or an increase of 31.27 percent from the first quarter 2020 operating expenses of 18.11 million US dollars.
As a result, Tjiwi Kimia was only able to reap net profit attributable to the owners of the parent entity of US$74.99 million. The score fell 51.99 percent from the first quarter 2020 net profit which reached 156.23 million US dollars.
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