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LISTED COMPANY - JAKARTA. PT Tigaraksa Satria Tbk (TGKA) has reported a decline in performance during the first quarter of 2024. Both the revenue and profit of TGKA have shrunk compared to the same period last year.
According to the financial report cited on Thursday (16/5), Tigaraksa Satria's revenue decreased by 3.74% year on year (yoy) to IDR 3.59 trillion.
In the first quarter of last year, TGKA's revenue was recorded at IDR 3.73 trillion.
Read Also: Tigaraksa Satria (TGKA) Aims for Rp 15 Trillion in Revenue by 2024
TGKA's revenue during the first quarter of 2024 was still dominated by milk, snacks, and consumer goods, reaching IDR 3.47 trillion.
The rest of the revenue came from Gas (LPG), stoves, and blenders amounting to IDR 69.58 billion, and educational books worth IDR 53.57 billion.
The decline in revenue has led to a decrease in Tigaraksa Satria's cost of goods sold by 3.49% yoy to IDR 3.25 trillion.
Similarly, Tigaraksa Satria's gross profit also decreased to IDR 343.30 billion, or 5.85% lower yoy from previously IDR 364.66 billion in the same position last year.
On the other hand, TGKA managed to reduce sales expenses by 1.63%, from originally IDR 149.18 billion to IDR 146.74 billion. However, on the contrary, Tigaraksa Satria's general and administrative expenses increased by 8.14% to IDR 72.72 billion.
By the end of March 2024, TGKA pocketed a profit attributed to the parent entity of IDR 118.93 billion or shrunk by 4.39% compared to IDR 124.41 billion in the same period the previous year.
