Electronic City (ECII) Q1 2024 Revenue Slightly Down by 0.10%

LISTED COMPANY - JAKARTA. PT Electronic City Tbk (ECII), a prominent electronics retailer, has reported a slight decrease in revenue for the first quarter of 2024.

During this period, Electronic City recorded a revenue of IDR 609.68 billion, a marginal 0.10% year-on-year (YoY) decrease compared to the same period in 2023, which stood at IDR 611.42 billion.

Widi Satya Chitra, Director & Corporate Secretary of ECII, stated that the company has been striving to maintain sales during the first quarter of 2024, despite a minor dip in sales.

 

“We believe this is due to the election year, which poses challenges for the Indonesian economy, including the electronics retail sector,” Widi told Kontan on Tuesday, May 7th.

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Widi explained that despite ongoing challenges, ECII remains committed to innovating and adapting quickly to provide added value to its stakeholders.

“If we look at market data, electronics sales in the first quarter of 2024 fell by 1.7%, which is significantly larger than ECII's sales decrease of only 0.10%,” he added.

ECII remains optimistic that its revenue and net profit this year will surpass those of 2023.