JAKARTA – The profit of PT Bintang Mitra Semestaraya Tbk (BMSR) dropped 84.54% in the first half of 2023 from the numbers seen in the same period in 2022 due to losses on foreign exchange. The profit margin was also reportedly lower compared to the same period last year.

The H1 2023 Financial Report quoted Monday (31/7) reveals that this company booked IDR 2.15 trillion of revenue, slowing down from IDR 2.46 trillion recorded in the same period in 2022. The revenue came from sales of caustic soda liquid of IDR 1.20 trillion, sales of polyvinyl chloride (PVC) of IDR 492.82 billion, coals of IDR 338.76 billion, hydrochloric acid of IDR 55.36 billion, caustic soda flake of IDR 43.13 billion, sodium hypochlorite of IDR 10.66 billion, sulfuric acid of IDR 403.26 million, and ethylene dichloride of IDR 20.20 million.

The gross and operating profit reached IDR 144.51 billion and IDR 48.60 billion, down from the same period last year of IDR 329.27 billion and IDR 246.86 billion, respectively. The decline resulted from increased selling expenses, as well as general and administrative expenses, which clocked up to IDR 80.81 billion and IDR 15.08 billion.

The current year’s net profit also shrank to IDR 29.8 billion from IDR 191.49 billion. The shrinkage resulted from the loss on foreign exchange of IDR 2.65 billion, which skyrocketed from IDR 71 million, as well as the loss of subsidiaries that rose from IDR 364 million to IDR 492.58 million. The profit margin was 1.37%, much lower than the same period last year of 7.76%. (LK/ZH)