PT Radiant Utama Interinsco Tbk (RUIS) reported a 75.1% drop in net profit last year on the back of foreign exchange losses and huge interest expenses.
In a press statement filed to Indonesia Stock Exchange (IDX) today, Radian Utama booked Rp3.2 billion net profit or Rp4.2 a share last year from Rp12.8 billion or Rp16.7 a share in the previous year.
Radian Utama posted significant foreign exchange losses and huge interest expenses related to the takeover of mobile offshore production unit (MOPU).
The company believed the forex loss will not significantly impact to the cashflow, as it is only translation loss.
At the operational line, Radiant Utama posted a 40.1% increase in EBITDA to Rp111.2 billion from Rp79.4 billion.
Operating profit rose 34% to Rp59.8 billion from Rp44.6 billion, sending higher operating margin to 5.1% from 4.3%.
Radian Utama posted a 11.1% growth in revenue to Rp1.16 trillion from Rp1.05 trillion. The increase was mainly due to higher revenue from operating support division and other division which increased 22.7% and 516.2% respectively compare to last year.
Radiant Utama is controlled by Radiant Nusa Investama with 61.60%, Value Monetization with 15.58%, and public shareholders with 22.82%.
Disclosure: No position at the stock mentioned above.
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