JAKARTA. PT Sepatu Bata Tbk (BATA), a footwear manufacturer debuted on Indonesia Stock Exchange (IDX) circa 1982, booked a loss of IDR 127.35 billion in the first half (H1) of 2024.

BATA’s loss in H1 2024 rose nearly 3 times higher from the loss it recorded in the same period last year. In H1 2023, it only lost IDR 32.35 billion.

Based on IDNFinancials data, BATA’s loss in H1 2024 was caused by low sales, only reaching IDR 260.29 billion. It plummeted 22.5% year-on-year (yoy) from the same period last year.

On the other hand, expenses swelled, as seen in selling and marketing expenses by 15% yoy to IDR 119.44 billion, restructuring expenses to IDR 64.47 billion, final taxes of IDR 1.76 billion, and finance costs of IDR 8.07 billion.

It is worth mentioning that the performance recovery has been initiated by BATA since the beginning of this year. The company has begun to divest its assets since last March, and winded down its factory in Purwakarta in May. (KR/ZH)