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VINANSIA.COM - PT Gudang Garam Tbk. (GGRM) has reported a dramatic 72% drop in net profit for the first half of 2024. The major decline comes as the company faces escalating tobacco excise taxes and stagnant consumer spending.
Revenue fell by 10.44% year-on-year to IDR 50.01 trillion, while the cost of revenue from excise duties surged to IDR 38.2 trillion, up from IDR 37 trillion last year. Operating profit also plummeted by 64.38%, reflecting significant financial strain amid ongoing economic challenges.
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