KONTAN.CO.ID - JAKARTA. The increase in funding costs meant that PT Mandala Multifinance Tbk failed to record an increase in net profit in the nine months of 2023. The net profit of the issuer codenamed MFIN decreased 30.7% on an annual basis to IDR 364.51 billion until September 2023.

In the same period, Mandala Finance's revenue only rose 0.67% to IDR 1.65 trillion.

Meanwhile, the total burden to be borne by this company rose 23.82% to IDR 1.19 trillion. The largest increase in expenses was seen in funding expenses of 24.72% to IDR 238.24 billion.

According to Mandala Finance's financial report released on Tuesday (7/11) on the Indonesia Stock Exchange (BEI), funding expenses experienced an increase, especially interest expenses, amortization of provisions and loan administration, which increased 84.21% from IDR 84.3 billion to IDR 155.29 billion. However, the interest expense on bond and sukuk issuance costs actually fell 22.27% from IDR 106.71 billion to IDR 82.95 billion.