PT Bakrie & Brothers Tbk (Bakrie) recorded a profit of Rp 8.36 billion in the first half of 2013, this profit plunged 96% compared to the same period last year of Rp 214.35 billion. The company’s revenue in the same period also fell.
Bakrie Group revenue was recorded Rp 1.95 trillion, down from the acquisition of the first half of 2012 which reached Rp 11.39 trillion.
“It is down when compared to the first half of 2012 revenue gains. This is due to the deconsolidation of our subsidiaries, namely Bakrie Petroleum International Pte. Ltd.. and Subsidiaries, “said President Director of Bakrie and Brothers Bobby Gafur in a press release on Wednesday (07/31/2013).
While the Company’s profit attributable to the parent entity, in the same period also fell from Rp 61.23 billion to Rp 4.86 billion.
“This solid base we believe will further solidify BNBR performance in the future. We will continue to try to push spending and increase business efficiency, “said Bobby.
Bobby explained, during the first six months of 2013, the management company of Bakrie & Brothers has been pressing burden significantly, interest expense and finance in particular through the reduction of the debt portion.
Therefore the Company’s interest expense and finance fell by 78% or Rp 603 billion from Rp 775.79 billion in the first half of 2012, to just stay Rp. 172.78 billion at the end of the first half of this 2013.