JAKARTA. PT Wijaya Karya (Persero) Tbk (WIKA) suffered a loss of IDR 521.25 billion in the first quarter of 2023, contrasting with its success in obtaining a net profit of IDR 1.33 billion in Q1 2022.

Looking at the top line, WIKA actually booked an increase in its net revenue as high as 37.41% year-on-year (yoy), from IDR 3.16 trillion in the Q1 2022 to IDR 3.34 trillion at the end of last March.

According to the recently released financial report, WIKA’s loss in Q1 2023 was induced by the surge of its cost of revenue, which soared 43.6% yoy from IDR 3.16 trillion to IDR 4.02 trillion.

Most of WIKA’s revenue in Q1 2023 came from the infrastructure and building segments, which contributed IDR 2.37 trillion in total. It increased 45.25% yoy.

Then, the industrial business segment of WIKA became the second highest contributor to the revenue, scoring IDR 2.37 trillion. Furthermore, the revenue from the company’s hotel business clocked up to IDR 188.73 billion, followed by the revenue from the property and realty business segment of IDR 185.76 billion.

Until December 31, 2023, WIKA’s total assets were lowered 3.1% yoy to IDR 72.73 trillion from IDR 75.06 trillion seen at the end of 2022. On top of this, the company’s total equity also decreased 3% yoy from IDR 17.49 trillion to IDR 16.96 trillion. (KR/ZH)