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View all search resultsEconomy in brief: MPMX books Rp 3.9 trillion in revenues in Q1
Consumer automotive firm PT Mitra Pinasthika Mustika (MPMX) managed to maintain its business growth momentum by booking Rp 3
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C
onsumer automotive firm PT Mitra Pinasthika Mustika (MPMX) managed to maintain its business growth momentum by booking Rp 3.9 trillion (US$301 million) in sales in the first quarter of 2015, or a 7 percent increase from the Rp 3.6 trillion posted in the first quarter of 2014.
The company's net profits also saw a 32 percent rise to Rp 116 billion in the January to March period of 2015 from Rp 87 billion in the fourth quarter of last year, despite a 24 percent decline from Rp 152 billion in the first quarter of 2014, it said in a statement.
MPMX's improved performance at the start of this year was supported by it subsidiaries that turned in consistently solid performances. The retail and distribution sectors, in particular, as well as the consumer auto part sector, contributed as much as 86 percent toward the company's total net profits.
'Amid the domestic economic slowdown, the company posted a fairly impressive performance in the first quarter of 2015. We believe that the company's stronger business fundamentals will allow it to maintain its business growth momentum until the end of the year,' said MPMX finance director Troy Parwata in Jakarta, Tuesday.
Its two-wheeler segment subsidiary, Mulia, sold 215,700 units in East Java and East Nusa Tenggara, while its four-wheeler retailer, MPMAuto, sold 623 Nissan-Datsun units, compared with the total of 1,382 units sold throughout 2014.
In the consumer auto parts business, MPMX strengthened its position in the national oil market through, among others, Federal Karyatama (FKT), which is known for the Federal Oil brand. Net profits in the first quarter of 2015 grew 57 percent from the fourth quarter of 2014, or up 7 percent from the first quarter of 2014. FKT has also introduced Federal Mobil, an oil product specifically for cars that is now available in 500 shops in Jakarta and its surrounding areas.
Meanwhile, its vehicle rental subsidiary, MPMRent, sustained its fleet of 14,300 units, in addition to its financing arm, MPMFinance, which managed to maintain the latter's non-performing loan (NPL) ratio at a stable 2.6 percent level. For its part, MPMInsurance generated Rp 40.9 billion in gross premiums, up 70 percent, while net profits soared 131 percent to Rp 6.8 billion compared to last year.
