PT Gudang Garam Tbk (GGRM), in the first semester of 2021, posted a profit for the current period attributable to owners of the parent company of Rp2.31 trillion, down 39.52% compared to the same period the previous year of Rp.3.820 trillion.

The financial report published Friday (30/7), the decline in profit was triggered by an increase in the cost of goods sold by around 20.11% to Rp54.04 trillion from the same period the previous year of Rp44.99 trillion.

Operating expenses also increased by around 5.37% to Rp3.74 trillion from Rp3.55 trillion.

Nevertheless, GGRM managed to increase its net sales by around 12.92%, from Rp53.65 trillion to Rp60.58 trillion.

The total assets of GGRM until the period ending June 2021 were recorded at Rp79.43 trillion, with liabilities of Rp18.60 trillion and equity of Rp60.83 trillion.