Bisnis.com, JAKARTA — Over the past few quarters, cigarette producers PT Gudang Garam (GGRM) and PT HM Sampoerna (HMSP) have been posting sluggish bottom line performance and their stock prices have likewise trended downward, with GGRM stock down 25.19% year-to-date (YtD) as of Monday’s close (5/5) at IDR 9,800, while HMSP stock is down 5.51% YtD after closing at IDR 600.
Gudang Garam posted a net profit attributable to parent of IDR 104.43 billion in Q1—the lowest it has been in recent years—marking a sharp 82.47% year-on-year (YoY) drop from IDR 595.57 billion and continuing the fifth straight month of declining profit. The company posted revenue of IDR 23.06 trillion, down 12.18% YoY as bothexport and domestic sales declined. GGRM’s exports amounted to IDR 322.05 billion, down 16.19% YoY, while domestic sales totaled IDR 22.74 trillion, a 12.12% YoY contraction.
