JAKARTA. The decline of net profit of  PT Haloni Jane Tbk (HALO) that reached 91% year-on-year (yoy) leads to gradual mass-divestment by foreign investors within the past three months.

In the recently released financial statement, HALO only scored net profit of IDR 358.27 million in the first quarter (Q1) of 2024, which are far from its achievement in the same quarter last year, in which the company managed to book net profit of IDR 4.1 billion.

This profit decline cannot be separated from HALO’s net sales that dropped 49.7% yoy to IDR 30.56 billion in Q1 2024. In the same quarter last year, its net sales were recorded at IDR 60.77 billion.

Most of HALO’s sales came from third parties, generating sales contribution of IDR 25.33 billion. Meanwhile, sales to related parties only brought in IDR 5.23 billion.

According to the geographical region, local market sales were seen declining 12.21% oy to IDR 29.25 billion, while exports plummeted 95.23% yoy to IDR 1.31 billion.

According to IDNFinancials data, foreign investors’ interest in HALO used to be well-sustained, as foreign net buy still reached 491,800 shares in January 2024. However, in February and March, foreign investors recorded net sell of 218,500 and 1,024,800 hares, respectively. The peak net sell was recorded at 3,823,800 shares at the beginning of May 2024. (KR/ZH)