JAKARTA. PT Innocycle Technology Group Tbk (INOV), a plastic waste management company and recycled staple fibre manufacturer, reported loss of IDR 18.16 billion in Q1 2024.

In fact, from its top-line, INOV scored revenue of IDR 151.63 billion, up 4.4% year-on-year (yoy) or from the same quarter last year. This condition is far different with INOV’s performance in Q1 2023, in which the company managed to bring in profit of IDR 14.95 billion.

The management of INOV claimed that this loss resulted from loss on currency exchange, which amounted to IDR 15.56 billion in Q1 2024. For comparison, in the same quarter last year, its loss on currency exchange only reached IDR 300.86 million. In addition, INOV’s finance expenses in Q1 2024 also reportedly grew 26.7% yoy to IDR 12.89 billion.

However, INOV claims to still have potential in driving its business performance in the future, considering the projections from the Ministry of Environment and Forestry (KLHK), which indicates that plastic waste generation could reach 9.9 million tons by 2025

“Thus, INOV is optimistic about the future of the plastic recycling business," INOV Director, Victor Choi, said in the official release.

As of now, INOV manages production capacity of 40 thousand ton per year. It also puts commitment into expanding its plastic-washing facilities, which now have reached a capacity of 12 thousand tons per year. Aside from that, the company is also capable of manufacturing 7,200 tons of Recycled Polyester Staple Fiber (Re-PSF) per year. (KR/ZH)