DIGIVESTASI - PT Vale Indonesia Tbk. Records Drastic Decline in Net Profit for Q1 2024. PT Vale Indonesia Tbk. (INCO) reported a significant decrease in net profit to US$6.19 million (approximately Rp98.31 billion) for the first quarter of 2024, based on the Jisdor exchange rate of Rp15,873.

The published financial report shows that INCO's net profit plummeted by 96.32% compared to the same period last year, which reached US$168.71 million. This decline is in line with the drop in INCO's revenue. Throughout Q1 2024, INCO recorded revenues of US$229.93 million (approximately Rp3.64 trillion), down 36.68% compared to Q1 2023, which was US$363.18 million.

Alongside the revenue decline, the cost of goods sold also decreased to US$209.84 million (approximately Rp3.33 trillion), 8.06% lower than the same period last year, which was US$228.24 million. Consequently, gross profit was eroded by 84.88% to US$20.09 million (approximately Rp318.95 billion), compared to the same period last year, which was US$134.93 million.

After accounting for other expenses and income, INCO's net profit continued to decline, causing earnings per share to drop to US$0.0006 per share compared to Q1 2023's US$0.0170 per share.

As of March 2024, INCO recorded total liabilities of US$325.44 million, lower than the end of December 2023, which was US$361.46 million. These liabilities are detailed as short-term liabilities of US$181.06 million and long-term liabilities of US$144.37 million. Equity as of March 2024 stood at US$2.56 billion, while INCO's total assets decreased to US$2.89 billion compared to the end of 2023, which was US$2.92 billion.

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