Cigarette maker Gudang Garam (GGRM) booked a net profit of Rp1.74 trillion in the first quarter (Q1) of 2021, which declined 29% year on year (y/y) as gross profit fell 20.4% to Rp3.9 trillion. Revenue grew 9.2% y/y to Rp29.75 trillion, but the cost of goods sold rose 15.7% to Rp25.8 trillion. Operating profit declined 32.3% to Rp2.26 trillion.
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