JAKARTA. PT Lion Metal Works Tbk (LION), the company producing steel plates, reported a loss of IDR 1.59 billion in the first half (H1) of 2024.

The loss got worsened 23.3% year-on-year (yoy) from the same period last year, in which LION’s loss only clocked up to IDR 1.29 billion.

Seen from the top-line, LION’s sales in H1 2024 actually increased 24.7% yoy to IDR 218 billion. In the same period last year, its sales only amounted to IDR 174.8 billion.

However, LION’s sales increase in H1 2024 was accompanied with higher costs of sales, reaching IDR 171.5 billion. It was 40% yoy higher from costs of sales in H1 2023 of only IDR 122.4 billion.

As of June 30, 2024, LION’s total assets were reported at IDR 682.7 billion, with cash and cash equivalent of IDR 99.7 billion, while total equity clocking up to IDR 489.8 billion. (KR/ZH)