Sotipapier's Financial Performance Deteriorates in 2023

The individual financial statements of Sotipapier for the 2023 fiscal year have revealed a significant deterioration in financial performance compared to the previous year.

Net Income Plummets

The net income has experienced a staggering decline, dropping from 26 Mtnd to 2.7 Mtnd, representing a substantial decrease of 89.6%.

Revenue and Operating Income Take a Hit

This major underperformance is primarily attributed to a significant decline in revenue, which decreased by 37.9% to reach 98.9 Mtnd.

Similarly, the operating income has suffered a sharp decline, settling at 6.4 Mtnd in 2023 compared to 33.6 Mtnd in 2022. This decrease is also explained by a drop in operating products, which fell from 159.4 Mtnd in 2022 to 99 Mtnd in 2023.

Reduced Operating Expenses Not Enough to Offset Revenue Decline

Despite a reduction in operating expenses, which were evaluated at 92.6 Mtnd in 2023 compared to 125.8 Mtnd in 2022, these were not sufficient to compensate for the revenue decline, contributing to the collapse of Sotipapier's net income in the 2023 fiscal year.