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Pharmaceutical issuer PT Indofarma Tbk recorded a 9.2% year-on-year (yoy) decrease in sales to Rp339.03 billion in Q1 2022. In the same period last year, Indofarma recorded sales of Rp373.2 billion.
By segment, drug sales fell from Rp197.7 billion to Rp159.06 billion. Conversely, sales of medical devices and other products increased slightly from Rp175.49 billion to Rp179.97 billion.
Despite the drop in drug sales, Indofarma's cost of goods sold actually increased from Rp198.19 billion to Rp309.08 billion. As a result, gross profit was only recorded at Rp29.94 billion in Q1 2022.
The decline in sales and the swelling of costs caused this state-owned enterprise (SOE) to incur losses. The company recorded a net loss of Rp51.18 billion in Q1 2022, a stark contrast to the Rp1.82 billion profit in Q1 of the previous year.
Indofarma is part of the pharmaceutical BUMN holding company, which also includes PT Biofarma (Persero) and PT Kimia Farma Tbk. Biofarma acts as the parent company in this holding.
"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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