JAKARTA - PT Kapuas Prima Coal Tbk (ZINC) was able to reduce its losses in 2023, even though its revenue fell 34.29% from 2022. The company's loss was reduced from 2022 thanks to the efficiency of interest expenses and an increase in foreign exchange gain.

In its 2023 Financial Report quoted on Monday (1/2), ZINC's sales were recorded at IDR 471.34 billion, down from IDR 717.34 billion in 2022. Gross profit was IDR 82.62 billion, down 53.43% from IDR 177.43 billion. Gross profit margin was recorded at 17.52%, lower than the 2022 gross profit margin of 24.73%.

Zinc (Zn) sales declined, despite being the largest contributor among other products. Zinc recorded sales of IDR 197.13 billion, down from IDR 337.35 billion, Galena-Lead (Pb) IDR 139.25 billion, up from IDR 105.83 billion, Silver (Ag) IDR 48.37 billion, down from IDR 103.24 billion, iron concentrate IDR 45.05 billion, down from IDR 162.69 billion, and lead ingot IDR 41.52 billion, up from IDR 8.21 billion.

The company posted an operating loss of IDR 3.47 billion, down from an operating profit of IDR 55.21 billion. However, the loss before income tax expense was IDR 23.21 billion, lower than the loss before income tax expense of IDR 128.88 billion in 2022. This achievement was thanks to ZINC management being able to reduce interest expenses to IDR 76.62 billion from IDR 118.53 billion, an increase in foreign exchange gain to IDR 63.28 billion from a foreign exchange loss of IDR 89.03 billion.

ZINC posted a loss for the year of IDR 26.65 billion, lower than the loss for 2022 of IDR 114.70 billion and a loss attributable to parent of IDR 20.69 billion, lower than the loss for 2022 of IDR 102.92 billion. (LK/LM)