10 June 2020

PT Mahkota Group Tbk (MGRO) achieved an increase in revenue in the first quarter of 2020 by 35.02% to IDR 599.92 billion, compared to the same period in the previous year of IDR 444.30 billion.

The increase was obtained from related parties, namely management services which contributed IDR 300 million in the first quarter of 2020. Then, there are from third parties with a total of IDR 582.41 billion, compared to last year's period of IDR 425.36 billion and tank rental services of IDR 17.20 billion.

Meanwhile, the cost of revenue also reached IDR 574.28 billion, up 43.81% from the same period in the previous year which was recorded at IDR 399.33 billion. “Thus, the company's gross profit until the end of March was IDR 25.64 billion, down from IDR 44.97 billion in March last year,” said the company's management in its financial report for the first quarter of 2020 in Jakarta, Tuesday (9/6).

Operating expenses decreased to IDR 25.23 billion, down 6.96% from IDR 27.12 billion in the first quarter of 2019. This made the company's operating profit corrected to IDR 411.76 million from the previous year's operating profit of IDR 17.85 billion.

Meanwhile, the issuer engaged in the agricultural sector recorded a loss before tax of IDR 15.32 billion, compared to the same period in the previous year which recorded a profit before tax of IDR 9.65 billion. The same thing also happened in the net loss for the current period attributable to owners of the parent entity with a total of IDR 16.92 billion compared to the March 2019 period which posted a net profit of IDR 6.03 billion. Loss per basic share was recorded at IDR 4.76 per share from last year's basic earnings per share of IDR 1.71 per share.

Previously, Mahkota Group had started operating a new crude palm oil (CPO) refinery built since 2018 in Bengkalis, Riau. In line with this, the company is committed to focusing on hirilization.

Corporate Secretary of Mahkota Group Elvi revealed, in the initial stage, the new factory produced refined bleached and deodorized palm oil (RBDPO) with a total production of 3,000 tons. Of the total production, the company has sold 2,500 tons.​

Source : https://investor.id/market-and-corporate/mahkota-group-raih-kenaikan-pendapatan-3502