Pharmaceutical firm Kalbe Farma (KLBF) booked a net profit of Rp716 billion in the first quarter (Q1) of 2021, grew 7.1% year on year (y/y), thanks to lower selling expenses. Revenues rose 3.8% to Rp6 trillion, and gross profit was flat at Rp2.6 trillion. Higher net profit growth compared to net sales growth was mainly due to increased efficiency in operating costs and lower tax rates. KLBF recorded selling expenses of Rp1.34 trillion, a 4.9% y/y decline. It also recorded a Rp28.4 billion share in the gain of the associates.
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