JAKARTA. PT Kobexindo Tractors Tbk (KOBX), a distributor of heavy equipment and vehicles, reported a loss of IDR 41.91 billion in the first quarter (Q1) of 2024.

In fact, its revenue in Q1 2024 grew 1.3% year-on-year (yoy) from the same quarter last year, in which KOBX managed to book revenue of IDR 525.11 billion.

In addition, the company also managed to bring down cost of revenue by 2.2% yoy to IDR 430.82 billion in Q1 2024. Then, its operating cost was also lowered by up to 19% yoy to IDR 67.28 billion.

According to the recently released financial report, KOBX’s loss was triggered by other operating revenue that reached IDR 37.46 billion in Q1 2024. Meanwhile, in the same quarter last year, the company secured additional number from other operating revenue that reached IDR 69.67 billion.

This swollen operating cost was primarily caused by loss on forex, which arrived at IDR 47.67 billion in Q1 2024. Meanwhile, in the same period in 2023, the company booked gains on forex of IDR 58.22 billion.

In addition, KOBX also saw finance expenses of IDR 34.18 billion in Q1 2024, which were far higher than Q1 2023’s number of IDR 7.76 billion.

Until the end of March 2024, KOBX’s total assets reached IDR 3.55 trillion in worth, while total equity clocked up to IDR 441.65 billion. (KR/ZH)