JAKARTA. PT Indofarma Tbk (INAF), a state-owned pharmaceutical company owned through PT Bio Farma (Persero), booked a loss of IDR 101.94 billion in the first half (H1) of 2024.

INAF’s loss in H1 2024 is indeed 15.38% year-on-year (yoy) lower compared to H1 2023, in which the company recorded loss of IDR 120.35 billion. Nevertheless, it still puts the company on a loss streak, starting since the fiscal year (FY) 2021.

Based on the recently released financial report, INAF’s loss in H1 2024 was caused by poor performance of its net sales, which was stuck at IDR 109.27 billion. In the same period last year, its net sales managed to reach IDR 363.97 billion.

In addition, INAF’s operational expenses in H1 2024 exceeded its gross profit, particularly in selling expenses that reached IDR 29.91 billion, general expenses of IDR 45.46 billion, and finance costs of IDR 23.25 billion.

Until June 30, 2024, INAF’s total assets were reported reaching IDR 821.46 billion. Meanwhile, its total equity was at minus IDR 906.09 billion. The deficient equity, along with consistent loss streak, forces INAF’s stock to be suspended from trading sessions at Indonesia Stock Exchange (IDX). (KR/ZH)