JAKARTA. The revenue of PT Merdeka Copper Gold Tbk (MDKA) that proliferated 52.32% was put out by its swelling costs. As a result, this mineral mining company must be satisfied with net loss of USD 49.21 million, equal to IDR 738.21 billion at the end of the first half of 2023.

Based on its financial report as of June 2023, MDKA’s operating income reached USD 520.03 million, equal to IDR 7.80 trillion using JISDOR as of June 27 of IDR 15,000. It increased 52.32% from the operating income in the same period last year, amounting to USD 341.40 million.

This revenue came from export sales of gold, silver, copper cathode, and ferronickel to third parties, which generated USD 354.63 million, growing 16.34% year-on-year (yoy) from USD 304.82 million. Meanwhile, domestic sales to third parties brought in USD 166.78 million, proliferating 376.66% from USD 34.98 million.

As the revenue soared, its costs of sales also swelled 99.96% yoy to USD 473.89 million, or approximately IDR 7.10 trillion, from the previous USD 236.99 million. Processing costs contributed the most to the inflating operating expenses, reaching USD 513.82 million, followed by mining costs of USD 55.24 million, depreciation of USD 44.24 million, amortisation of USD 10.10 million, and refinery costs of USD 701.54 thousand.

The swelled costs then took a toll on its gross profit, shrinking heavily by 55.81% yoy to USD 46.13 million, or IDR 692.06 billion, from USD 104.40 million. In the end, it recorded net loss attributable to the parent company of USD 49.21 million, or equal to approximately IDR 738.21 billion, from the profit of USD 96.79 million recorded in the first half of 2022. (AM/ZH)