MAP Active Profits Drop as Covid-19 Shuts Down Indonesia
Net income attributable to shareholders fell 49% in the first quarter to IDR 71,940 million ($5.1 mm) from IDR 141,220 million on 3% lower revenues of IDR 1,463,696 million ($102.8 mm) down from IDR 1,515,484 million. Gross margin in the quarter narrowed by 220 basis points to 44.2%, while SG&A was up by IDR 42 billion, entirely from increased selling expenses. The year got off to a strong start in Jan. and Feb., but sales plunged when the Indonesian economy was shut down in Mar. to combat ... Log in to view full article.