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Jakarta, CNBC Indonesia– Issuer of a film production house, PT MD Pictures Tbk (FILM), recorded a net profit of IDR 18.14 billion in the first quarter of 2021. This condition reversed the situation from a loss position of Rp. 8.99 billion in the first quarter of 2020.
Based on FILM’s financial report, this profit achievement was driven by an almost 2-fold increase in revenue from IDR 29.36 billion in the first quarter of 2020 to IDR 60.96 billion in the first quarter of 2021. Meanwhile, the cost of goods sold could be reduced so that it fell 10.8% to IDR 27.28 billion in the same period.
The surge in revenue can be seen from digital films, which penetrated Rp. 51.05 billion, shot up almost 200 times from the previous position of Rp. 257 million. Meanwhile, the effects of the pandemic and the closure of cinemas caused revenue from feature films to drop to IDR 2.2 billion from the previous IDR 17.278 billion.
Overall sales and cost of goods sold made FILM record a gross profit of IDR 33 billion from a loss of IDR 1.25 billion in the previous year.
The issuer led by Manoj Punjabi was also able to reduce operating expenses amid the Covid-19 pandemic from IDR 24.06 billion to IDR 16.98 billion.
FILM shares are quite attractive in 2021. Since the beginning of the year until today, Friday (16/4/2021) FILM shares have shot up more than 3 times from IDR 190 to IDR 590.
In fact, this stock was detected by the stock exchange’s radar as unusual market activity (UMA), due to price and volume spikes due to investors’ wholesale actions. UMA was last pinned earlier this week.
MD Pictures management also gave a statement regarding the entry of company shares in UMA. FILM’s management stated that until now there is no material information or facts that affect the company’s share price. This comes after this stock has skyrocketed by 200% in the last 6 month period.
In the disclosure of information submitted by the company, the last information submitted by FILM was on April 6, 2021. This information is in the form of an affiliated transaction, namely the provision of deposit guarantees worth IDR 49 billion for debt restructuring from its parent company, PT MD Graha Utama.
Apart from this news, until now there is still no latest news regarding the company’s plans. However, the company stated that in the near future it would hold an Annual General Meeting of Shareholders (AGMS).
“The company will take corporate action in the near future, namely the Annual General Meeting of Shareholders. Further information will be provided regarding the Annual General Meeting of Shareholders,” the disclosure said, quoted on Tuesday (13/4/2021).
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