Weakening Performance Still Lingers
In 9M19, SMGR recorded revenues of IDR28.1 trillion (+31.1% YoY) even though sales volume was at 22.7 million tons (-3% YoY); its performance was supported by an increase in blended ASP (+47.1% YoY). However, its financial costs jumped to IDR2.3 trillion (+235.5% YoY) due to the debt re-profiling process carried out after the acquisition of SMCB. The swelling financial costs are the main factor eroding its net profits to IDR1.2 trillion (-38.3% YoY).
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