JAKARTA. PT Techno9 Indonesia Tbk (NINE), an IT company listed on Indonesia Stock Exchange (IDX) last year, struggled with a loss of IDR 884.6 million in the first half this year.

As opposed to last year, in which NINE still managed to score IDR 1.08 billion of net profit, the loss in H1 2023 resulted from increased cost of revenue, as well as general and administrative expenses.

From the top line, NINE’s revenue actually rose 49% year-on-year (yoy) to IDR 11.66 billion. Meanwhile, in the same period last year, the revenue was stuck at IDR 7.81 billion.

However, NINE’s cost of revenue in H1 2023 swelled up to 74% yoy to IDR 8.5 billion, while its general and administrative expenses are doubled to IDR 4.12 billion.

The significant surge of its cost of revenue in H1 2023 resulted from increased realised inventories and purchases. Meanwhile, the jump in its general and administrative expenses visibly resulted from employees’ salary and benefits that shifted almost 1.82 times higher.

Until June 30, 2023, NINE’s total assets were recorded at IDR 49.64 billion, while its total equity was worth IDR 44.69 billion. (KR/ZH)