JAKARTA. PT Sepatu Bata Tbk (BATA), the manufacturer of a renowned shoe brand, Bata, booked a loss of IDR 13.85 billion in Q1 2024.

The loss in Q1 2024 was tailing the consecutive losses recorded by BATA in the past 4 years. In 2020, the loss of this company, which is one of the oldest footwear manufacturers in Indonesia, reached IDR 177.76 billion. It was then followed by a loss in 2021 of IDR 51.21 billion, IDR 105.92 billion in 2022, and IDR 190.29 billion in 2023.

BATA’s loss in Q1 2024 resulted from the declining sales, which reached 22.63% year-on-year (yoy) to IDR 113.46 billion. In the same quarter last year, its net sales reportedly arrived at IDR 136.09 billion.

Furthermore, BATA also reported other expenses of IDR 1.78 billion in Q1 2024, swelling 187.1% yoy from the same quarter last year. Its financial expenses also skyrocketed 507.38% yoy to IDR 9.05 billion in Q1 2024.

As reported by IDNFinancials prior, BATA has just recently terminated the operational activities in its Purwakarta factory in West Java. The production facility that had been operating for over 30 years was closed down last May due to low demand of users.

The financial impact of this factory winding-down will be reported in BATA’s Q2 financial report.

Since the beginning of this year, BATA’s shares have slipped 74 points or 52.86% to IDR 66 per share. Within the past year, its stock price has slipped 539 points or 89.09%. (KR/ZH)