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LISTED COMPANY - JAKARTA. PT Garuda Metalindo Tbk, traded as BOLT, has reported a decline in its performance for the first quarter of 2024. Both sales and profits of BOLT have shrunk compared to the same period last year.
According to the financial report, Garuda Metalindo's sales shrank by 11.25% year-on-year (yoy) to IDR 365.38 billion. In contrast, during the same period in 2023, BOLT's sales reached IDR 411.74 billion.
The decline in sales was due to a decrease in BOLT's local sales. During the first quarter of 2024, BOLT's local sales were recorded at IDR 341.98 billion, lower than the same period in 2023, which was IDR 395.27 billion.
On the other hand, export sales increased to IDR 23.71 billion, up from IDR 16.47 billion in the same period last year.
The drop in local sales led to a decrease in BOLT's cost of goods sold by 4.36% yoy to IDR 309.46 billion.
Consequently, BOLT's gross profit also shrank by 36.55% yoy to IDR 55.92 billion in the first quarter of 2024, compared to IDR 88.14 billion in the same period last year.
Meanwhile, BOLT's operating expenses swelled to IDR 31.29 billion in the first quarter of this year. This figure is 29.33% higher than IDR 24.19 billion in the first quarter of 2023.
By the end of March 2024, BOLT had net income attributable to the parent entity of IDR 17.32 billion, a decrease of 63.89% year-on-year compared to IDR 47.97 billion in the same period last year.
