JAKARTA – The performance of PT Sarimelati Kencana Tbk (PZZA) plummeted, recording loss of IDR 50.88 billion in Q1 2023 after securing IDR 2.34 billion of profit in the same period in 2022.

In the Q1 2023 Financial Report quoted Friday (5/5), this company, which manages Pizza Hut restaurant chain, posted IDR 842.10 billion of revenue, slightly down from IDR 852.81 billion in Q1 2022. Its gross profit also dropped from IDR 580.66 billion to IDR 556.72 billion.

However, the increased costs of sales from IDR 521.35 billion to IDR 556.84 billion resulted in worsening operating loss to IDR 50.01 billion, whereas in Q1 2022, the company still booked IDR 11.49 billion of operating profit.

If we are putting its 2021 performance into consideration, it means that PZZA has experienced consistent decline within past two first quarters. In 2021, although the revenue reached IDR 713.92 billion, and the gross profit was IDR 484.60 billion, its profit still arrived at IDR 4.87 billion. (LK/ZH)