KINO's net profit grew by 21.7% in the second quarter of 2020

BintangBisnis

Among Indonesia FMCG company, PT Kino Indonesia Tbk (KINO) announces its financial results for the second quarter of 2020 (Unaudited). In the second quarter of 2020, the Company managed to book sales of Rp 2,194 billion. Compared to the same period in the previous year, the Company’s sales decreased slightly – by 1.3% .

The decline in KINO’s sales is affected by the large-scale social limitations (PSBB) which were implemented stringently in some of regions in Indonesia, beginning in April 2020 due to an outbreak of the Covid-19 virus, affecting public’s activities. Moreover, the sales in some other countries also experienced slowdown due to the pandemic in 2020.

Nevertheless, KINO is able to maintain its efficiency and productivity so the Company could still book an increase in gross profit of 7.2%. On the other hand, the decline in Company’s net profit by 67.4% was due to the gain on bargain purchase that is still calculated in June 2019. If (the gain on bargain purchase) is not considered, the Company’s net profit in the second quarter of 2020 grew by 21.7%.

 Kino now has 34 brands, some of which have managed to get recognition as the brand of choice for consumers and the company’s products are available at various large distributors, hypermarkets, supermarkets, minimarkets, beauty shops, and traditional markets. With the slogan “Innovate Today, Creating Tomorrow”, the Company continues to create and innovate to become a leader in the consumer needs industry. The group is lead by its founder, Harry Sanusi.


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