JAKARTA. PT Voksel Electric Tbk (VOKS) successfully posted a net profit of IDR 17.24 billion in the first quarter of 2023 after losing IDR 46.43 billion in the same period last year.

From the top-line, VOKS’s revenue arrived at IDR 649.8 billion at the end of Q1 2023, only climbing 2.43% year-on-year (yoy). In Q1 2022, the revenue was only IDR 634.4 billion.

However, VOKS has implemented several efficiency strategies. It was indicated through lower cost of revenue in Q1 2023, only reaching IDR 547.3 billion and shrinking from IDR 619.6 billion in Q1 2022.

On the other hand, VOKS also managed to lower down its interest and financial expenses to IDR 21.93 billion in Q1 2023. In the same period last year, the expenses clocked up to IDR 25.93 billion. The company also recorded gains from foreign exchange difference of IDR 14.02 billion.

Until March 31, 2023, VOKS recorded cash and cash equivalent of IDR 112.74 billion. Its total assets arrived at IDR 2.84 trillion, while its total equity reached IDR 736.33 billion.

As of now, DBS Vickers (Hong Kong) Limited A/C Hengtong Optic-Electric International Co Ltd controls 30.08% of VOKS’s shares, followed by SWCC Showa Cable Systems Co Ltd of 10.02%, Low Tuck Kwong of 7.93%, and public investors of 51.96%. (KR/ZH)