By Romel S. Gurky
IDX-listed coal logistics firm PT Dana Brata Luhur Tbk (IDX: TEBE) reported a decline in both revenue and profit for the year ending December 31, 2024.
The company posted operating revenue of Rp 566.67 billion, a decrease from Rp 632.23 billion in 2023. Despite this drop, the company's gross profit amounted to Rp 239.68 billion, supported by improved operational efficiency. Gross profit margins were affected by rising costs of revenue, particularly in the procurement and operational sectors.
Read also: Dana Brata revenue drops, profit hit by higher costs
The company’s operating profit showed a significant decline to Rp 157.83 billion from Rp 285.40 billion in 2023. This decline can be attributed to an increase in general and administrative expenses, which rose to Rp 81.85 billion in 2024 compared to Rp 44.22 billion in the previous year. Nonetheless, Dana Brata managed to keep other operational costs in check.
In terms of non-operating income, the company reported Rp 14.38 billion from other income, up from Rp 12.57 billion in 2023. This was primarily driven by interest income, which accounted for a significant portion of this increase. However, finance costs also grew, with interest and financial charges totaling Rp 30.30 million, reflecting higher borrowing costs during the year.
Net profit for 2024 was Rp 133.19 billion, a substantial decrease from Rp 220.13 billion in 2023. This reduction is attributed to the drop in operating profits and the increased tax expense. The company’s earnings per share (EPS) decreased to Rp 103.65 from Rp 171.31 in 2023.
Editing by Reiner Simanjuntak
