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Bali Wine Producer Turns Losses into Net Profit of Rp189.38 Billion in Sales

Bali Wine Producer Turns Losses into Net Profit of Rp189.38 Billion in Sales

bbn/ilustrasi/Bali Wine Producer Turns Losses into Net Profit of Rp189.38 Billion in Sales.

PT Hatten Bali Tbk (WINE), a wine producer in Bali, has achieved an excellent performance throughout last year.

The company, which operates in the distribution of alcoholic beverages, especially wine, recorded sales of Rp 189.38 billion.

Based on financial reports published in the Kontan Daily edition on Tuesday (28/3), WINE’s sales in 2022 surged by 130.78% from the position of Rp 82.06 billion in 2021. Along with that, the cost of sales also increased by 119.10% year on year (YoY) to Rp 98.53 billion.

These results brought WINE a gross profit of Rp 90.84 billion last year, up 144.91% from Rp 37.09 billion in 2021. With the surge in revenue, WINE’s operating expenses also increased.

WINE bore a total of Rp 60.89 billion in operating expenses, consisting of sales expenses, general and administrative expenses, as well as financial expenses. WINE’s operating expenses increased by 28.21% YoY.

WINE was able to turn around from an operational loss of Rp 10.39 billion in 2021 to an operational profit of Rp 29.95 billion. After adding up income, other expenses, current taxes, and income tax expenses, WINE recorded a net profit of Rp 21.32 billion in 2022.

The company, which went public on the Indonesia Stock Exchange (IDX) on January 10, 2023, managed to turn around its performance from a net loss of Rp 8.73 billion in 2021. This is also reflected in WINE’s bottom line.