JAKARTA – The revenue of PT Sriwahana Adityakarta Tbk (SWAT) slipped 18.54% year-on-year (yoy) in 2023. However, it managed to lower financial expenses, thus minimising the loss from last year.

In the 2023 Financial Report quoted Friday (26/1), the revenue of SWAT was recorded at IDR 200.85 billion, down from IDR 246.57 billion seen in 2022. The contributors of the revenue consist of corrugated board of IDR 164.5 billion, down from IDR 198.21 billion; paper cone of IDR 29.58 billion, down from IDR 37.13 billion; paper tube of IDR 6.80 billion, down from IDR 10.73 billion.

Gross profit was recorded at IDR 8.97 billion, slipping from IDR 37.86 billion. Operating loss was reported at IDR 10.86 billion, declining far from IDR 1.91 billion of operating profit last year. However, its current loss was at IDR 14.66 billion, improving from IDR 20.61 billion of loss in 2022. It was due to 2023 financial expenses that shrank significantly from IDR 21.45 billion to IDR 3.75 billion. (LK/ZH)