PT Sepatu Bata Tbk reported net sales of Rp643.45 billion in 2022, a year-on-year (YoY) increase of approximately 46%.
However, this sales increase was offset by a surge in company expenses.
Throughout 2022, the company, with stock code BATA, experienced a 57% YoY increase in cost of goods sold, reaching Rp383.43 billion.
Sales and marketing expenses rose by 10% YoY to Rp214.46 billion, while general and administrative expenses increased by 42% YoY to Rp111.15 billion.
As a result, BATA recorded a net loss of Rp106.12 billion in 2022, a 107% YoY increase from the previous year's loss.
In addition to the increased loss, BATA's short-term debt or liabilities increased by 82% YoY in 2022 to Rp358.84 billion, and its long-term debt rose by 58% YoY to Rp45.47 billion.
Thus, BATA's total debt in 2022 reached Rp404.3 billion, a significant increase from Rp225.81 billion in the previous year.
BATA's total equity in 2022 also decreased by approximately 25% YoY to Rp319.76 billion.
Furthermore, BATA Director Yosie A. Kuranji recently resigned. This was recorded in a public disclosure released on the Indonesia Stock Exchange (IDX) website last week (April 11, 2023).
"Hereby, the company (BATA) announces that on April 10, 2023, the company received a letter of resignation from Yosie A. Kuranji from his position as director of the company," said BATA Corporate Secretary Theodorus W. Ginting in his letter.