JAKARTA – The performance of  PT Cita Mineral Investindo Tbk (CITA) shrank in the first half of 2023 due to declining revenue, particularly seen in third-party sales. The profit was recorded at IDR 205.39 billion, a 110.08% downturn from IDR 431.50 billion seen in the first half of 2022.

Based on Financial Report of H1 2023 quoted today (31/8), CITA only recorded revenue of IDR 1.87 trillion, 40.81% lower than the figures seen in H1 2022 of IDR 2.64 trillion. The gross profit also sank 91.52% year-on-year (yoy) to IDR 543.08 billion, as did the profit before income taxes by 92.62% to IDR 244.52 billion from the initial IDR 470.45 billion. The affecting factors include losses on foreign exchange as well as the decrease of net profit of associated entities.

In the first half of 2023, contributors of CITA consisted of related-party users that generated IDR 1.74 trillion of sales and third-party users that brought in IDR 133.04 billion. Related parties in question were PT Well Harvest Winning Alumina Refinery that covered IDR 1.42 trillion of sales and Glencore International AG that scored sales of IDR 324.07 billion.

For comparison, in the first half of 2022, CITA’s revenue was made up by third-party users’ sales of IDR 1.4 trillion and related-party users’ of IDR 1.24 trillion. Third parties mentioned above included Renhe Resources Ltd that brought in IDR 165.55 billion, Ansun International Pte Ltd of IDR 177.71 billion, C&D (Chengdu) Co Ltd of IDR 108.50 billion, C&D Logistic Group Co Ltd of IDR 97.51 billion, Cheongfuli (Hong Kong) Company Limited of IDR 90.62 billion, and Asiawide Resources Ltd of IDR 85.68 billion. (LK/ZH)