JAKARTA. PT Intikeramik Alamasri Industri Tbk (IKAI) recorded net profit of IDR 1.28 billion in the first quarter (Q1) of 2024, turning the tide from the loss it faced in Q1 2023 of IDR 8.95 billion.

From the top line, IKAI’s revenue was seen decreasing 3.02% year-on-year (yoy) to IDR 52.14 billion. The revenue decline was seen across two business lines, ceramic and hotel, which reported 2.4% and 3.88% yoy slippage.

However, this decline was offset by efficiency strategies of IKAI, thus resulting in general and administrative expenses shifting 11.4% yoy down to IDR 22.48 billion in Q1 2024, as well as finance expenses that dropped 85% yoy to IDR 560.37 million.

Until March 31, 2024, IKAI’s total assets were reported at IDR 1.18 trillion, with quite limited cash and cash equivalent of IDR 540.66 million. Meanwhile, its total equity was recorded at IDR 756.54 billion.

On today’s (6/5) trading session, IKAI was seen opening weakly, down 1 point or 14.29% until 9.55 AM WIB to IDR 6 per share. Since the beginning of this year, IKAI’s price has shrunk 44 points or 88%. (KR/ZH)