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Wijaya Karya Posts Rp521 Billion Loss in Q1 2023

Adi Ahdiat 10/05/2023 18:00 WIB

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PT Wijaya Karya (Persero) Tbk (WIKA) reported a massive loss of Rp521.3 billion in the first quarter of 2023.

Wijaya Karya's Net Income and Profit/Loss for Quarter I (2022-2023)

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Wijaya Karya Posts Rp521 Billion Loss in Q1 2023

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Wijaya Karya's Net Income and Profit/Loss for Quarter I (2022-2023)

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PT Wijaya Karya (Persero) Tbk (WIKA) reported a loss of Rp521.3 billion in the first quarter of 2023. In contrast, this state-owned construction company (BUMN Karya) recorded a profit of Rp1.3 billion in the first quarter of the previous year.

WIKA Corporate Secretary Mahendra Vijaya claims this loss resulted from the incomplete recording of sales in several business segments.

"The recorded gross profit was not optimal, but this will normalize in the following period," said Mahendra, as reported by *Kontan* on Wednesday (3/5/2023).

Despite the swelling losses, WIKA's net revenue in Q1 2023 reached Rp4.35 trillion, a 37.4% increase year-on-year (yoy).

However, this gain was eroded by a 43.4% yoy increase in the cost of goods sold, reaching Rp4.02 trillion. WIKA's operating expenses also swelled by 200.4% (yoy) to Rp236 billion.

As a result, throughout Q1 2023, WIKA recorded operating income of Rp86.3 billion, significantly lower than the Q1 2022 operating income of Rp279.3 billion.

WIKA's total assets decreased from Rp75.07 trillion in December 2022 to Rp72.74 trillion in March 2023.

Liabilities or debt decreased from Rp57.58 trillion in December 2022 to Rp55.77 trillion in March 2023.

Equity also shrank from Rp17.49 trillion in December 2022 to Rp16.97 trillion in March 2023.

WIKA Corporate Secretary Mahendra Vijaya stated that they will strive to improve performance in the remaining period of this year through business cost efficiency and the digitalization of production processes.

"The company is also focused on obtaining new projects and maximizing the production of existing contracts," said Mahendra.

In March 2023, WIKA partnered with Pertamina Energi to build an LPG terminal in Tuban, East Java.

This LPG terminal is projected to meet 35% of national LPG needs, covering the areas of East Java, Bali, Nusa Tenggara, parts of Kalimantan, and Sulawesi.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Wijaya Karya Posts Rp521 Billion Loss in Q1 2023

Wijaya Karya Posts Rp521 Billion Loss in Q1 2023

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Wijaya Karya Posts Rp521 Billion Loss in Q1 2023

Wijaya Karya Posts Rp521 Billion Loss in Q1 2023

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