Textile issuer PT Golden Flower Tbk. (POLU) recorded an increase in net loss in the first semester of 2021. In the company's financial report, POLU recorded sales of Rp44.86 billion in the first semester of 2021. The sales value decreased significantly by 68.6 percent from Rp142.9 billion in the same period last year.
POLU's cost of goods sold decreased 54.6 percent to Rp62.3 billion, from Rp137.3 billion year on year (yoy). With the higher cost of goods sold, POLU recorded a gross loss of Rp17.4 billion, from a gross profit of Rp5.64 billion compared to the same period last year.
The company also recorded an increase in net loss for the year of Rp21.44 billion in the first half of this year. This achievement rose 229.1 percent from a net loss of Rp6.51 billion in the first semester of 2020.
The company's total assets for the first six months of 2021 were recorded to have fallen to Rp. 253.5 billion, from Rp. 281.9 billion at the end of 2020.
In detail, the company's total liabilities decreased to Rp. 114.1 billion on June 30, 2021, from Rp. 121 billion on December 31, 2020.
Short-term liabilities reached Rp59.5 billion and long-term liabilities reached Rp54.5 billion
The company's total equity also decreased to Rp139.4 billion in the first semester of 2021, from Rp160.9 billion at the end of 2020.
At the close of trading on Tuesday (14/9/2021), POLU's shares traded flat at a price of Rp. 282 per share. POLU's shares are recorded to have experienced a 62.4 percent decline throughout 2021.