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Asri Sundari
Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia
Economics, Econometrics & Finance

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Analysis of Profitability Ratios in Assessing the Profitability of PT GoTo Gojek Tokopedia Tbk for the 2023–2024 Period Mohammad Nabilulhaq D; Luthviyah Ismayati; Satrio Sulistiyanto; Gustiara Chairunisa; Asri Sundari
Advances in Managerial Auditing Research Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amar.v4i3.943

Abstract

Purpose: This study aims to analyze the use of profitability ratios in evaluating PT GoTo Gojek Tokopedia Tbk’s ability to generate profits following the business restructuring and deconsolidation of Tokopedia during the 2023–2024 period. Research Method: This study employs a descriptive quantitative approach through the analysis of financial statements. Secondary data were obtained from PT GoTo’s audited financial statements, annual reports, sustainability reports, and public exposés for the 2023–2024 period. The analysis was conducted using Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE). Results and Discussion: Revenue increased, but gross profit margin (GPM) declined due to a rise in cost of revenue. In contrast, net profit margin (NPM), return on assets (ROA), and return on equity (ROE) improved compared to the previous year, in line with a reduction in net loss and greater efficiency in operating expenses. Nevertheless, all net income-based ratios remain negative, indicating that the company has not yet achieved positive profitability. Implications: An evaluation of a digital company’s profitability must take into account business restructuring, operational efficiency, and the impact of accounting factors in addition to changes in ratio values. Originality: This study offers a contextual interpretation of profitability ratios in post-deconsolidation digital companies by integrating financial ratio analysis with changes in business structure.
Analysis of the Cash Flow Statement as a Tool for Strategic Decision-Making: A Case Study of PT Telkom Indonesia for the 2022–2024 Period Nur Muhamad Hamka; Shira Raigung Renata; Qisty Saufa Abadi; Tri Ceysha Nur Wahyuni; Asri Sundari
Advances in Managerial Auditing Research Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amar.v4i3.942

Abstract

Purpose: This study aims to analyze the cash flow trends of PT Telkom Indonesia (Persero) Tbk from 2022 to 2024 and assess their relationship to strategic decisions based on the company’s documentary evidence. Research Method: The research employed a descriptive case study using a mixed-methods approach based on document analysis. Analysis of changes and cash flow ratios was integrated with content analysis of financial statements, annual reports, sustainability reports, and the company’s official disclosures. Results and Discussion: Operating cash flow remained positive, but in 2023–2024 it had not yet returned to 2022 levels. In 2024, a decline in fixed asset purchases boosted free cash flow, dividend payments increased, and the composition of debt receipts and payments changed. These findings indicate changes in cash capacity and allocation, but do not prove that the cash flow statement directly determines investment, financing, or dividend decisions. Implications: Cash flow analysis must be combined with information on earnings, financial position, financial statement notes, and management’s discussion and analysis to evaluate the company’s decisions properly. Originality: This study integrates numerical analysis and documentary evidence and distinguishes financial indicators from direct evidence of decision-making.
Strategies for Sourcing and Utilizing Working Capital to Improve Liquidity: A Case Study of PT Unilever Indonesia Tbk Sri Yuningsih; Asri Sundari; Shofia Rofifah Azzhara; Azhar Eka Mustopa; Putri Pratiwi
Advances in Managerial Auditing Research Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amar.v4i3.944

Abstract

Purpose: This study analyzes changes in net working capital, activities affecting cash flow, and the liquidity position of PT Unilever Indonesia Tbk for 2024–2025. Research Method: This study employs a quantitative descriptive approach using case studies and comparative analysis of audited financial statements. The analysis covers net working capital, the current ratio, the quick ratio, the cash ratio, and cash flows from operating, investing, and financing activities. Results and Discussion: The net working capital deficit narrowed from Rp6.55 trillion to Rp3.68 trillion. The current ratio increased from 0.45 to 0.74; the quick ratio from 0.23 to 0.57; and the cash ratio from 0.06 to 0.40. The increase in cash was primarily related to operating cash flow and discontinued operations, rather than merely a decrease in accounts receivable and inventory. However, all ratios remained below 1.00, and tax liabilities increased materially. Implications: The company needs to integrate cash flow projections with the monitoring of liability maturities. Originality: This study integrates changes in working capital, liquidity ratios, cash flow, and liability composition in a two-period comparison.
Optimizing Raw Material Inventory Costs at the Corporate Macro Level: A Financial EOQ Approach and Risk Mitigation at PT. Mayora Indah Tbk (2024–2025) Rafi Rasidin; Asri Sundari; Garneta Dinarsuci; Shahnawaaz Kiara Amanda; Suci Fitrianti
Advances in Managerial Auditing Research Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amar.v4i3.945

Abstract

Purpose: This study evaluates the adequacy of public data for applying Economic Order Quantity (EOQ), Safety Stock (SS), and Reorder Point (ROP) to PT Mayora Indah Tbk’s inventory for the 2024–2025 period. Research Method: This study employs a descriptive quantitative approach with a documentary design. The data were drawn from consolidated financial statements and sustainability reports, and were then evaluated based on physical data requirements, relevant costs, demand, and lead time. Results and Discussion: The public report provides only aggregate inventory values and does not disclose quantities, ordering costs, storage costs, or lead times for each material. The insurance coverage amount is not the annual premium, and data do not support the ordering frequency and previous SS parameters. Therefore, the estimates for EOQ, ROP, cost savings, and margin improvement cannot be validated. Implications: Applying the model requires transaction data at the homogeneous material level, including physical usage, incremental costs, order history, lead times, and service targets. The research findings serve as the basis for improving inventory data management and for subsequent implementation studies. Originality: This study highlights the methodological limitations of using consolidated financial statements to make operational EOQ decisions at large-scale FMCG companies.
Analysis of the Management Decision-Making Process Based on Predictive Analytics in Projecting PT Telkom (Persero) Tbk. Ability to Meet Long-Term Financial Obligations Raihan Fauzan Adim; Agustina Septiana; Muhamad Nur Amin; Fabio Alfarabi Putra; Asri Sundari
Advances in Managerial Auditing Research Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amar.v4i3.946

Abstract

Purpose: This study analyzes the solvency of PT Telkom Indonesia (Persero) Tbk and assesses the adequacy of documentary evidence regarding the use of predictive analytics in financial decision-making. Research Method: This study employs a descriptive case study approach with a documentary analysis of the audited consolidated financial statements for 2025 and the restated comparative figures for 2024. The analysis covers the liability structure, profitability, free cash flow, lease-adjusted leverage, net debt, and cost of capital coverage. Results and Discussion: Long-term liabilities increased by 4.72%, while operating income decreased by 16.42% and the TIER proxy fell from 7.96 to 6.66 times. Conversely, operating cash flow increased by 3.64%, net financial debt decreased, and the debt-to-equity ratio (DER), adjusted for leases, remained relatively stable at 49.76%. The analyzed document does not provide specifications or validation of the predictive model; therefore, the effectiveness of its implementation cannot be concluded. Implications: Solvency assessments need to use multidimensional indicators and verifiable disclosures regarding model governance. Originality: This study identifies the empirical boundary between descriptive financial analysis and predictive analytics in assessing the solvency of telecommunications companies.
Analysis of the Role of Gross Profit as an Indicator of Operational Financial Performance: A Qualitative Case Study of PT Astra Agro Lestari Tbk Vidhini Nazhifa Rachmalimy; Asri Sundari; Evi Karyani; Marintan Anastasya Putri; Silvia Ananda Putri; Nisrina Salma Putri
Advances in Managerial Auditing Research Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amar.v4i3.947

Abstract

Purpose: This study aims to analyze changes in gross profit and its components in assessing the financial performance of PT Astra Agro Lestari Tbk. Research Method: This study employed a quantitative descriptive design based on a documentary review. Data were obtained from the interim consolidated financial statements for the three-month periods ending March 31, 2025, and March 31, 2024, and were then analyzed using comparisons, ratios, and arithmetic decomposition. Results and Discussion: Net revenue increased by 46.33%, cost of revenue rose by 44.31%, and gross profit grew by 60.99% to Rp937,287 million. The gross profit margin increased from 12.13% to 13.34%. Of the increase in gross profit, 75.97% was attributable to revenue growth and 24.03% to improved margins. The 21.95% decrease in inventory does not demonstrate successful sales timing, while the 7.34% increase in depreciation does not demonstrate modernization without supporting investment data. Implications: Gross profit should be evaluated in conjunction with volume, selling price, unit cost, inventory, and cash flow to avoid overestimating efficiency. Originality: The study provides a breakdown of gross profit and distinguishes between accounting facts and managerial interpretations in the palm oil industry.
Cost-Volume-Profit Analysis as a Tool for Financial Resilience Amid Macroeconomic Volatility: Empirical Evidence from PT Wilmar Cahaya Indonesia Tbk Moh Adistian; Neng Dinda Septia; Muhammad Fauzan Akbar Rafsanjani; Neysha Putri Vaquitasari; Asri Sundari
Advances in Management & Financial Reporting Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amfr.v4i3.948

Abstract

Purpose: This study aims to analyze the Break-Even Point (BEP) and Margin of Safety (MOS) as Cost-Volume-Profit (CVP) indicators for evaluating sales safety and profit planning at PT Wilmar Cahaya Indonesia Tbk (CEKA) during 2022–2024. Research Method: A descriptive quantitative case study was employed using audited annual financial statements as secondary data obtained from the Indonesia Stock Exchange. Cost accounts were classified into fixed and variable costs using the Account Analysis Method based on the Notes to Financial Statements (CALK). Data were analyzed using Cost-Volume-Profit (CVP) through the calculation of the Contribution Margin Ratio, Break-Even Point, and Margin of Safety. Results and Discussion: Net sales increased from IDR 6.14 trillion in 2022 to IDR 8.00 trillion in 2024. The Margin of Safety Ratio rose from 60.37% to 70.19%, while the Break-Even Point remained relatively stable, indicating an increasing sales safety margin. Inflation, exchange rates, and crude palm oil (CPO) prices were used only as contextual information in interpreting the findings. Implications: The findings support managerial decision-making in sales safety evaluation, cost control, and profit planning through periodic CVP analysis. Originality: This study positions Margin of Safety as a sales safety indicator within the CVP framework and interprets macroeconomic conditions as contextual information rather than causal determinants.
The Effectiveness of Implementing a Marking Scheme in the Employee Performance Evaluation System at PT Telkom Indonesia (Persero) Tbk Tantri Pebyani; Asri Sundari; Salma Aparatunisa; Eka Septiana; Muhammad Rizkie
Advances in Management & Financial Reporting Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amfr.v4i3.949

Abstract

Purpose: This study aims to analyze the representation of the marking scheme in the performance measurement system for the Board of Directors of PT Telkom Indonesia (Persero) Tbk based on company documents. Research Method: This study employed a descriptive qualitative approach using documentary analysis and qualitative content analysis. Secondary data were obtained from the 2024 Annual Report of PT Telkom Indonesia (Persero) Tbk, as well as the literature on performance appraisal, marking schemes, Organizational Justice Theory, and Agile Performance Management. The analysis was conducted through data reduction, open coding, categorization, interpretation, and triangulation of sources and theories. Results and Discussion: The research findings indicate that the Board of Directors’ KPIs are documented through five main perspectives, which are broken down into indicators, targets, weightings, and Talent Development. This structure reflects the key characteristics of a marking scheme as a documented evaluation framework. It is conceptually aligned with the principles of procedural justice and some characteristics of Agile Performance Management. However, this study does not evaluate the system’s implementation or user perceptions, as it relies solely on documentary data. Implications: The findings can serve as a reference for designing a performance measurement system based on documented indicators and as a foundation for further research using primary data. Originality: This study proposes using the marking scheme concept as a framework for analyzing the structure of the Board of Directors’ performance measurement system based on corporate documents.
Implementation of the Just-in-Time System to Improve Inventory Efficiency at PT Unilever Indonesia Tbk Siti Sa’adah; Neyla Mutiara Sabrina; Elsa Rosmiati Alisa; Vini Limbong; Asri Sundari
Advances in Management & Financial Reporting Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amfr.v4i3.950

Abstract

Purpose: This study aims to describe the characteristics of inventory management and operating cash flow at PT Unilever Indonesia Tbk based on an analysis of its financial statements. Research Method: This study employs a descriptive quantitative approach using a documentary study method. Secondary data were obtained from the Interim Financial Reports of PT Unilever Indonesia Tbk for the periods ending March 31, 2024, and March 31, 2025, as well as the 2024 Annual Report. The analysis was conducted using the Inventory Turnover Ratio (ITO), Days Sales of Inventory (DSI), trend analysis, and a review of inventory accounting policies. Results and Discussion: The results show that inventory value increased by 12%, the Inventory Turnover Ratio decreased from 3.20 to 2.67 times, and Days Sales of Inventory increased from 28.1 to 33.7 days. In addition, cash and cash equivalents increased by 61%, while net cash flow from operating activities turned from negative to positive in the first quarter of 2025. These findings illustrate changes in inventory management and operating cash flow based on financial statement data. Implications: Financial ratio analysis can serve as a starting point for evaluating inventory management practices, but it requires operational data to support a more comprehensive interpretation. Originality: This study integrates an analysis of inventory ratios, operating cash flow, and inventory accounting policies at FMCG companies in Indonesia using data from publicly available financial statements.
Co-Authors Agustina Septiana Azhar Eka Mustopa Eka Septiana Elsa Rosmiati Alisa Evi Karyani Fabio Alfarabi Putra Garneta Dinarsuci Gustiara Chairunisa Luthviyah Ismayati Marintan Anastasya Putri Moh Adistian Mohammad Nabilulhaq D Muhamad Nur Amin Muhammad Fauzan Akbar Rafsanjani Muhammad Rizkie Neng Dinda Septia Neyla Mutiara Sabrina Neysha Putri Vaquitasari Nisrina Salma Putri Nur Muhamad Hamka Putri Pratiwi Qisty Saufa Abadi Rafi Rasidin Raihan Fauzan Adim Salma Aparatunisa Satrio Sulistiyanto Shahnawaaz Kiara Amanda Shira Raigung Renata Shofia Rofifah Azzhara Silvia Ananda Putri Siti Sa’adah Sri Yuningsih Suci Fitrianti Tantri Pebyani Tri Ceysha Nur Wahyuni Vidhini Nazhifa Rachmalimy Vini Limbong