Analisis Profitabilitas di Tengah Perubahan Penjualan: Peran Beban Operasi terhadap Laba Operasi pada PT Mitra Angkasa Sejahtera Tbk Periode 2021-2025
DOI:
https://doi.org/10.61722/jaem.v3i4.13188Keywords:
Profitability, Operating Expenses, Operating Profit, Cost Behavior, Distribution CompanyAbstract
Falling sales squeeze the profits of trading companies, especially when operating expenses do not adjust accordingly. PT Mitra Angkasa Sejahtera Tbk, a nut and bolt distributor listed on the Indonesia Stock Exchange, recorded rising net sales until 2023 followed by declines in 2024 and 2025. This study analyzes the development of sales and gross profit margin, the behavior of operating expenses, and the role of operating expenses in operating profit and profitability of the company from 2021 to 2025. It uses a quantitative descriptive approach with a single case study design and secondary data from five annual consolidated financial statements. The analysis covers horizontal growth, vertical ratios, decomposition of changes in operating profit, the ratio of change in operating profit to change in sales, and an illustrative break-even calculation. Results show that sales fell 29.47% from 2023 to 2025 while the gross profit margin stayed between 21.26% and 22.50%. Operating expenses rose 9.74% over the same period, so their ratio to gross profit exceeded 100% in 2024 (125.1%) and 2025 (133.8%), and operating profit moved from IDR 8.14 billion to an operating loss of IDR 9.81 billion. Shrinking gross profit accounts for about 81% of the decline in operating profit, but the rigidity of operating expenses, about 90% of which are general and administrative expenses, turned that decline into a loss. These findings imply the need to classify fixed and variable costs and to build operating expense budgets that respond to sales volume.
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