JAKARTA. PT Pyridam Farma Tbk (PYFA), a pharmaceutical company, booked net loss of IDR 214.2 billion in the first nine months (9M) 2024.

This loss was much worse compared to 9M 2023, in which PYFA’s loss only reached IDR 53.21 billion.

Actually, in the top-line, PYFA reported net sales skyrocketing 123% year-on-year (yoy) in 9M 2024 to IDR 1.16 trillion. Compared to the same period last year, its net sales were only at IDR 520 billion.

However, sales growth triggered significant increase in cost of goods sold to IDR 866.1 billion, up 191% yoy. Furthermore, selling and marketing expenses also grew 21.1% yoy to IDR 165.35 billion, whereas general and administrative expenses swelled 101% yoy to IDR 159.5 billion.

Not only that, PYFA also saw a downturn due to loss on foreign exchange reaching IDR 441 million in 9M 2024. It is such a contrast from loss on foreign exchange recorded in 9M 2023 of only IDR 6 million.

Until 30 September 2024, PYFA reported total assets of IDR 5.8 trillion, with cash and cash equivalent of IDR 505.42 billion. Meanwhile, its total equity was reported at IDR 1.19 trillion. (KR/ZH)