JAKARTA, NETRALNEWS.COM - Modern Internasional (MDRN) suffered nett loss of IDR642,03 billion (IDR143 per share) in the first semester of 2017. The nett loss increased drastically than last year’s first period nett loss of IDR51,48 billion (IDR11 per share).
The financial statement submitted by the company on Wednesday (9/27/2017) showed that inline with the closing of all 7-Eleven Indonesia outlets, MDRN recorded significant sales drop.
In the first half of 2017, sales amounted to IDR198.21 billion, down 56.46 percent compared to IDR455.27 billion in the first half of last year.
This year’s gross profit only reached IDR55, 59 billion, dropping dramatically compared to IDR154, 33 billion in the first half of 2016. Meanwhile, other operating expenses jumped from IDR1, 73 billion to IDR434, 3 billion in the first half of 2017. As a result, the company recorded only losses throughout the first six months of this year.
In addition, the company recorded significant decreases in assets. In the first half of 2017, total assets amounted to IDR1.46 trillion, compared to the previous year with IDR1.98 trillion. Its liabilities also increased from IDR1, 33 trillion to IDR1, 47 trillion.
There was also a drastic decline in the company's cash flow position which in the first half of 2017 the cash position and cash equivalent of the company stood at IDR6.52 billion, compared to IDR84.54 billion in the same period in 2016.