By Romel S. Gurky
IDX-listed base-metal producer PT Kapuas Prima Coal Tbk (IDX: ZINC) reported a net loss of Rp 121.1 billion for the full year of 2024, widening significantly from a net loss of Rp 20.6 billion in 2023. The loss was driven by a sharp decline in sales and persistently high financial expenses.
According to its audited financial statements, the company posted revenue of Rp 235.8 billion in 2024, plunging by 50% from Rp 471.3 billion in the previous year. Gross profit also fell to Rp 49.4 billion, down from Rp 82.6 billion in 2023.
The company’s operating loss reached Rp 13.8 billion, reflecting lower sales volumes and higher unit costs. Operating expenses decreased year-on-year from Rp 86.1 billion to Rp 63.2 billion but were not enough to offset the revenue decline.
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One of the most significant financial burdens was interest expense, which rose to Rp 110.8 billion in 2024 from Rp 76.6 billion a year earlier. This was largely due to the surge in total liabilities and short-term bank loans. The company’s total liabilities stood at Rp 1.80 trillion at the end of 2024, slightly down from Rp 1.86 trillion the previous year.
Kapuas Prima Coal also saw its retained earnings shrink to Rp 84.7 billion, from Rp 205.6 billion the year before. Total equity dropped to Rp 614.7 billion from Rp 744.5 billion.
The company reported that its consolidated cash and bank balance stood at Rp 5.2 billion at year-end, down significantly from Rp 46.4 billion in 2023. Net cash used in financing activities was Rp 54.5 billion, while net cash used in investing activities stood at Rp 10.3 billion.
Editing by Reiner Simanjuntak
