3 Quarter overdue, Indomobil Suffers Q3 Loss of Rp. 467 Billion

Jakarta, CNBC Indonesia – Salim Group automotive issuers, PT Indomobil Sukses Internasional Tbk (IMAS), suffered a net loss during the 9 months of this year or per September to IDR 467.24 billion, from the same period last year which still posted a net profit of IDR 328.31 billion.

Based on the published financial reports on the Indonesia Stock Exchange (IDX), this Friday (11/20/2020), net losses are experienced along with decreased revenues, high corporate expenses, and losses on associated entities.

IMAS’s revenue during the 9 months period fell 23.42% to Rp 11.28 trillion, from September the previous year Rp 14.73 trillion.

Cost of revenue decreased to Rp 8.69 trillion from the previous Rp 11.91 trillion.

Meanwhile, general and administrative expenses rose to Rp 1.39 trillion from Rp 1.32 trillion, and financial costs reached Rp 1.21 trillion, down from the previous Rp 1.17 trillion.

There is also a share in the loss of associates amounting to Rp 99.96 billion from the previous net loss of the associates of Rp 36.12 billion.

The company’s assets increased to IDR 46.65 trillion as of last September, from December 2019, which was IDR 44.70 trillion.

In detail, vehicle sales to third parties fell to Rp 10.27 trillion from Rp 13.29 trillion. The largest sales were cars, trucks and heavy equipment, which fell to Rp 4.34 trillion from Rp 7.20 trillion.

However, the business lines that rose included financial services to Rp 1.63 trillion, vehicle rental and logistics increased to Rp 1.15 trillion, and fuel / energy to Rp 1.03 trillion.

For the record, this net loss also continues in 3 consecutive quarters. In the first quarter of 2020, pressure from the decline in sales made the company book a net loss of Rp 164.50 billion as of March 2020.

In fact, in a 3-month period in 2019, IMAS managed to score a net profit of up to IDR 630.99 billion.

“Vehicle sales in Q1 decreased by 22.2%, while in Q2 it is estimated that it will decline by around 70%,” said Indomobil Managing Director Jusak Kertowidjojo, in a letter answering questions from the Indonesia Stock Exchange.

In the first semester of 2020 (January to June), IMAS also lost IDR 347.41 billion, from the net profit in the same period last year of IDR 462.67 billion. Income decreased to Rp 7.38 trillion, from the first semester 2019 period, which was Rp. 9.58 trillion.

IMAS management in the financial report said the company and its subsidiaries’ operations had been and may have been affected by the outbreak of Covid-19 which started in China, then spread to other countries including Indonesia.

“The impact of Covid-19 on the global economy and Indonesia includes economic growth, a decline in capital markets, increased credit risk, depreciation of foreign currency exchange rates and disruption of business operations,” wrote IMAS management.

“The future impact of the Covid-19 outbreak on Indonesia and the company and its subsidiaries is still unclear at this time. A significant increase in the number of Covid-19 infections or an extension of the outbreak could have an impact on Indonesia and the company and its subsidiaries.

However, IMAS management emphasized that the future impact will also depend on the effectiveness of the policy response issued by the Government.

“The impact of the Covid-19 pandemic in Indonesia has hampered supply chains from around the world, as well as decreased economic activity in line with the large-scale social restrictions (PSBB) gradually starting April 2020. If this happens for a long time, it will hamper growth the entire industry, not apart from the automotive industry. “

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