PT Gudang Garam Tbk (GGRM) and PT HM Sampoerna Tbk (HMSP) recorded a decline in profit for the year attributable to owners of the parent company during the first quarter of 2021, respectively 28.61% to Rp1.74 trillion and 22.13% to Rp2.58 trillion.

Quoting the financial reports of GGRM and HMSP, Monday (3/5), Gudang Garam's low-profit achievement was triggered by the higher cost of goods sold by around 15.76% or Rp25.83 trillion from Rp22.31 trillion. In addition, foreign exchange earnings also shrank by 13.83% to Rp22.55 billion from Rp26.17 billion.

Nevertheless, Gudang Garam managed to increase its revenue by 9.12% to Rp.29.74 trillion from Rp.27.26 trillion.

Meanwhile, Gudang Garam's total assets as of the end of March 2021 were recorded at Rp 79.82 trillion in 2021, consisting of liabilities and equity of Rp19.55 trillion and IDR 60.29 trillion, respectively.

Meanwhile, HM Sampoerna's current year profit in the first quarter o