Profit Of Avian Paint Producer Owned By Conglomerate Hermanto Tanoko Drops 15.26 Percent To IDR 385.43 Billion In The First Quarter Of 2022

JAKARTA - The producer of Avian paint belonging to conglomerate Hermanto Tanoko, PT Avia Avian Tbk (AVIA) recorded a decline in performance in the first three months of this year. The paint and chemical product company's net profit fell 15.26 percent to Rp385.43 billion in the first quarter of 2022.

In AVIA's financial report, quoted on Wednesday 27 April, the decline in net profit was in line with the company's weak sales to Rp 1.63 trillion. This figure is down 8.97 percent compared to the same period last year of Rp. 1.8 trillion.

The decrease in revenue was due to a decrease in all product categories. The architectural solution category fell 9.13 percent to Rp1.34 trillion. Then, the merchandise category fell 8.25 percent to Rp297.8 billion.

AVIA's cost of goods sold decreased by 1.66 percent to Rp970.21 billion. That way, the company's gross profit became Rp. 668.81 billion, down 17.83 percent on an annual basis (yoy).

The company's selling expenses rose 4.23 percent to Rp217.96 billion. General and administrative expenses also recorded an increase of 23.4 percent to Rp48.77 billion. That way, AVIA's operating profit was recorded at Rp. 408.41 billion, down 28.46 percent yoy.

Financial expenses also fell to Rp1.95 billion from the previous Rp2.16 billion. However, this has not been able to raise net profit.

As of March 2022, the company recorded total assets of IDR 10.93 trillion, a slight increase or 0.52 percent from the position in December 2021. In detail, total liabilities decreased by 13.86 percent to IDR 1.25 trillion and total equity rose 2.75 percent to IDR 9 .67 trillion.