Revenue Down, PP Precision Record Net Profit Of IDR 34.63 Billion

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT PP Presisi Tbk (PPRE) managed to record a net profit of IDR 34.63 billion in the first semester of 2023. Down from the same period in 2022 of IDR 46.25 billion.

BUMN Karya's net profit was supported by the company's net income of IDR 1.68 trillion in the first semester of 2023, a slight decrease compared to IDR 1.73 trillion in the same period in 2022.

The revenue of state-owned companies in the construction sector is dominated by construction revenue as a major contributor, which amounted to Rp1.59 trillion, or a slight decrease from the previous Rp1.61 trillion in the same period the previous year.

Then there is rental income which contributes IDR 74.55 billion, and ready mix revenue which contributes IDR 37.37 billion.

A number of the company's expenses were observed to increase, including operating expenses increased to Rp43.90 billion, losses decreased to Rp2.89 billion, financial expenses to Rp118.02 billion, other expenses of Rp25.60 billion, and final tax expense of Rp47.86 billion.

Meanwhile, the company's financial income fell to IDR 773.02 million.

The amount of PPRE equity was recorded at IDR 3.20 trillion in the first semester of 2023, a slight increase from the previous IDR 3.15 trillion in the same period the previous year.

Meanwhile, the total liabilities were recorded at IDR 4.15 trillion in the first semester of 2023, down from the previous IDR 4.43 trillion in the same period the previous year.

Thus, until the first semester of 2023, the company's total assets were recorded at IDR 7.35 trillion, or a decrease from the previous IDR 7.58 trillion in the same period the previous year.

Previously, at the Annual General Meeting of Shareholders (AGMS), PPRE decided to use a net profit for the 2022 financial year for mandatory reserves of IDR 5.03 billion or equivalent to 5 percent of net profit, and 95 percent or equivalent to IDR 95.71 billion will be used as retained earnings balance.