PT Mahkota Group Tbk (MGRO) achieved an increase in revenue in the first quarter of 2020 by 35.02% to Rp 599.92 billion, compared to the same period in the previous year of Rp 444.30 billion.
The increase was obtained from related parties, namely management services which contributed IDR 300 million in the first quarter of 2020. Then, there were third parties with a total of Rp. 582.41 billion, compared to last year's period which was Rp. 425.36 billion and tank rental services as much as Rp. 17.20 billion.
While the cost of revenue also experienced Rp 574.28 billion, up 43.81% from the same period in the previous year which was recorded at Rp 399.33 billion. "Thus the company's gross profit until the end of March to Rp. 25.64 billion, down from March last year which was valued at Rp. 44.97 billion," said the company's management in the first quarter of 2020 financial statements in Jakarta, Tuesday (9/6).
Operating expenses decreased to Rp. 25.23 billion, down 6.96% from the period in the first quarter of 2019 which earned Rp. 27.12 billion. This made the company's operating profit corrected to Rp 411.76 million from the previous year's operating profit of Rp 17.85 billion.
Meanwhile, the issuer engaged in the agriculture sector recorded a loss before tax of Rp 15.32 billion, compared to the same period in the previous year which recorded a profit before tax of Rp 9.65 billion. The same thing also happened in the net loss for the period which could be attributed to the owners of the parent company with a total of Rp 16.92 billion compared to the March 2019 period which posted a net profit of Rp 6.03 billion. Basic loss per share was recorded at Rp 4.76 per share from last year's basic earnings per share at Rp 1.71 per share.
Previously, the Mahkota Group had begun operating a new refinery for crude palm oil (CPO), which had been built since 2018 in Bengkalis, Riau. In line with this, the company is committed to focus on hierarchy.
Corporate Secretary of Mahkota Group Elvi revealed, at the initial stage, the new plant produced refined bleached and deodorized palm oil (RBDPO) with a total production of 3,000 tons. Of the total production, the company has sold 2,500 tons.
Source : investor.id