HM Sampoerna (HMSP), the largest cigarette producer in Indonesia, booked a net profit of Rp2.58 trillion in the first quarter (Q1) of 2021, which declined 22.3% year on year (y/y) as the cost of goods sold rose 3.9% to Rp18.5 trillion. Its sales only declined 0.8% to Rp23.56 trillion. Then gross profit fell 13.8% to Rp5 trillion. The Company also recorded selling expenses of Rp1.42 trillion in the said period, up 7.7% y/y, while finance income dropped 58.67% to Rp131.5 billion. It recorded income tax expenses of Rp726 billion.
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