KONTAN.CO.ID - JAKARTA. PT Nusantara Infrastructure Tbk (META) reported a revenue of IDR 72.61 billion in the first quarter of 2024, marking a significant 82.33% year-on-year decrease from the previous IDR 411.16 billion in the first quarter of 2023. According to financial reports, despite the decline in META's revenue in the first three months of 2024, the company managed to turn a loss into a profit during this period. In detail, META's business revenue and sales were recorded at IDR 72.43 billion, and construction revenue at IDR 186.83 million in the first quarter of 2024.
Baca Juga: Up 8.69%, Ciputra (CTRA) Records Revenue of IDR 2.31 Trillion in Q1-2024 The direct costs and cost of goods sold by META were recorded at IDR 33.36 billion at the end of March 2024, down from IDR 255.95 billion in the same period last year. As a result, the gross profit was IDR 39.34 billion in the first quarter of 2024, down 74.71% year-on-year from IDR 155.20 billion. The profit for the period attributable to the parent entity owners was IDR 80.06 billion in the first quarter of 2024. This is a reversal from a loss of IDR 30.32 billion in the first quarter of 2023. This was due to META's financial income adding IDR 2.17 billion in the first quarter of 2024. In the same period last year, financial income was only IDR 1.74 billion. Baca Juga: Revenue Rises, Total Bangun Persada (TOTL) Profits Surge 77.60% in Q1-2024 On the other hand, META's financial expenses in the first quarter of 2023 were recorded at IDR 118.25 billion. While in the first quarter of 2024, it remained at IDR 11.63 billion. Indah D.P. Pertiwi, Head of Corporate Communication & CSR META, stated that the net loss in the first quarter of 2023 was due to interest expenses related to loans for the investment purchase of PT Jasamarga Jalanlayang Cikampek (JJC) shares. “PT JJC operates the Syeikh Mohammed bin Zayed Elevated Road, also known as the MBZ Toll Road,” she told Kontan on Monday (6/5). Meanwhile, the decrease in revenue in the first quarter of 2024 was due to a mere change in accounting records as PT Margautama Nusantara (MUN)'s performance is no longer consolidated in META's financial report. This is related to the voluntary delisting process carried out by META. Regarding the delisting process, Indah stated that META is currently entering the Voluntary Tender Offer Period II.
