JAKARTA – PT Cikarang Listrindo Tbk (POWR) saw a 19.79% downturn in its profit to USD 72.53 million in 2022 from USD 90.43 million in 2021, following an increase in its income tax expense.

In the 2022 Financial Report quoted Wednesday (1/3), Andrew K. Labbaika, President Director of Cikarang Listrindo, claimed that the total sales slightly climbed by 6.91% year-on-year (yoy) from USD 514.85 million to USD 550.45 million. Its achievement was possible due to 12.05% rise in POWR’s sales to industrial users.

Industrial users contributed USD 476.93 million to POWR’s total revenue, shifting from USD 425.63 million, whereas PT Perusahaan Listrik Negara (Persero) only brought in USD 73.51 million, decreasing from USD 89.21 million.

However, its operating profit shrank from USD 144.87 million to USD 133.58 million due to other expenses. Furthermore, 27.91% yoy increase in its total income expenses, from USD 30.30 million to USD 38.76 million, put a restraint on POWR’s current year’s net profit. (LK/ZH)