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Tunas Ridean posts drop in profit during Q1
JAKARTA: Publicly listed automotive and rental service PT Tunas Ridean posted a drop in net profit from operation to Rp 29 billion (US$2
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JAKARTA: Publicly listed automotive and rental service PT Tunas Ridean posted a drop in net profit from operation to Rp 29 billion (US$2.7 million) during the first quarter of 2009, from Rp 66.04 billion a year earlier, due to weakening demand for motorcycles and cars.
Company director Rico Setiawan told the press after its shareholders' meeting Friday that sales during the first quarter reached Rp 1.05 trillion, a drop of 21 percent from Rp 1.33 trillion a year earlier.
He said, however, that total net profit jumped by 142 percent, from Rp 67.96 billion during the first quarter last year to Rp 140.3 billion during the same period this year.
It has a market share of 4 percent in car sales and 3 percent in motorcycle sales, and booked a record net income of Rp 5.5 trillion last year, up by 20 percent from Rp 4.4 trillion in 2007. - JP
