JAKARTA – The performance of PT Modern Internasional Tbk (MDRN) was seen declining in 2023 compared to 2022 amidst its perpetual capital deficiency. In 2021, the issuer was spotted with capital deficiency of IDR 411.01 billion.

Based on the Financial Report of 2023 quoted today (17/4), the company reported capital deficiency at IDR 312.94 billion, slightly improving from IDR 324.87 billion seen in 2022. Total liabilities and capital deficiency were recorded at IDR 209.25 billion in 2023, lower than IDR 224.64 billion in 2022.

Said condition further affects MDRN’s performance throughout 2023. Its sales declined 24.30% year-on-year (yoy) to IDR 49.21 billion from IDR 65.15 billion. Last year, photocopy products’ sales brought in IDR 47.31 billion, down from IDR 53.86 billion in 2022, while others contributed IDR 1.90 billion, dropping far from IDR 11.33 billion.

Gross profit actually climbed to IDR 32.11 billion, up from IDR 31.97 billion. The margin also improved to 65.24% from 49.17% in 2022. However, MDRN’s operating profit plummeted to IDR 13.17 billion, down 83.32% yoy from IDR 79 billion. Lastly, its current year’s net profit was also cut down by 84.99% yoy to IDR 11.68 billion from IDR 77.83 billion. (LK/ZH)