JAKARTA. PT Mulia Industrindo Tbk (MLIA), a glass manufacturer for buildings and vehicles, posted a net profit of IDR 173.63 billion in the first semester (1H) 2024.

This profit decreased by 47.7% year-on-year (yoy) or from the same semester last year, where MLIA was able to record a net profit of IDR 256.43 billion.

According to the financial report just released, the decline in MLIA's net profit is thought to be driven by revenue which only reached IDR 2.08 trillion in 1H 2024. The company's revenue in that period fell 9.76% yoy or from IDR 2.31 trillion in 1H 2023.

On the other hand, MLIA's cost of revenue in 1H 2024 also only fell 3% yoy to IDR 1.59 trillion. Meanwhile, the company's selling expenses only fell 9.2% yoy to IDR 129.88 billion, and its general and administrative expenses only fell 2.7% yoy to IDR 133 billion.

As of June 30 2024, MLIA's total assets were recorded at IDR 6.84 trillion, with cash and cash equivalents amounting to IDR 560.6 billion. Meanwhile, the company's total equity was recorded at IDR 5.03 trillion. (KR)