JAKARTA – Despite PT Merdeka Copper Gold Tbk (MDKA) achieving revenue growth of 42.5% year-on-year (yoy) up to September 2024, its losses have widened significantly.

According to the financial report released, MDKA's revenue for the first nine months (9M) of 2024 reached USD 1.67 billion, a substantial increase from USD 1.17 billion in the same period last year.

However, this revenue growth has not translated into better profitability. The company reported a net loss of USD 67.02 million, which is significantly larger compared to a loss of USD 23.77 million in 9M 2023.

Data from IDNFinancials indicates that the increased losses were driven by several expenses. The cost of goods sold surged by 47.4% yoy to USD 1.55 billion. Additionally, financial expenses and other costs also rose by 22% yoy and 15% yoy, respectively.

As of September 30, 2024, the domestic market remained MDKA's primary revenue contributor, generating USD 1.03 billion, while export markets contributed USD 641.8 million.

In today's (18/12) trading session, MDKA's share price fell by 4.35% or 80 points, closing at Rp1,760 per share. Since the beginning of the year, the company's stock has dropped 34.57%, or 930 points. (KR/ZH)