JAKARTA. PT Bakrie & Brothers Tbk (BNBR), a multisector holding company of Bakrie Group, only managed to book net profit of IDR 53.02 billion in Q1 2024.

This number shrank 24% year-on-year (yoy) from the same quarter last year, in which the company scored net profit of IDR 69.96 billion.

Seen from the top line, BNBR’s net revenue grew 2.27% yoy to IDR 854.33 billion in Q1 2024. In the same quarter last year, the revenue only reached IDR 835.37 billion.

In addition, BNBR also implemented efficiency strategies on its cost of revenue by up to 4.9% yoy in Q1 2024 to IDR 648.99 billion. In the same period last year, its revenue was reported at IDR 835.37 billon.

However, according to the recently released financial statement, total selling expenses of BNBR in Q1 2024 swelled 27.9% yoy to IDR 148.9 billion. In the same quarter last year, it only arrived at IDR 116.43 billion.

This increased expense was further exacerbated by a decline in other income, which dropped by up to 69% yoy to IDR 19.87 billion. Meanwhile, in the same quarter last year, it managed to score higher other revenue, reaching IDR 64.22 billion.

As of March 31, 2024, BNBR’s total assets were recorded at IDR 6.98 trillion, with cash and cash equivalent of IDR 658.46 billion. Meanwhile, total equity of the company was seen at IDR 2.72 trillion. (KR/ZH)