On June 29, GEM announced that its Indonesian holding subsidiaries will change their functional currency from the US dollar to the Chinese Yuan. The change involves 11 Indonesian holding subsidiaries and is primarily aimed at better reflecting the company's financial position and operating results, while avoiding significant exchange gains or losses due to currency fluctuations.
The company implemented the change effective April 1, 2026. After the change, the spot exchange rate on the effective date will be used for translation into the new functional currency. The change will not affect the company's financial position or operating results for the first quarter of 2026 or for prior periods.
In the first quarter of 2026, GEM recorded revenue of Yuan 9.982 billion and net profit attributable to shareholders of Yuan 522 million.
Written by Cora Ji, jiruyan@mysteel.com
