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Economy in brief: IMJS banks on units amid slowdown
Publicly listed automotive financing and car rental company PT Indomobil Multi Jasa (IMJS), a subsidiary of major automotive distributor PT Indomobil Sukses International (IMAS), expects that its subsidiaries will help lift the companyâs performance amid pressures on the automotive industry
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ublicly listed automotive financing and car rental company PT Indomobil Multi Jasa (IMJS), a subsidiary of major automotive distributor PT Indomobil Sukses International (IMAS), expects that its subsidiaries will help lift the company's performance amid pressures on the automotive industry.
IMJS, which posted a 19 percent drop in net profit to Rp 29.1 billion (US$2.18 million) in the first quarter from the same period last year, said business would still grow this year as the company still had many potential customers from its subsidiaries.
'We have some subsidiaries with a captive market,' IMJS director Gunawan said on Monday.
This year the company, through its subsidiary PT Indomobil Multi Finance (IMFI), plans to expand its financing to the property sector. It also plans to expand its logistics services through PT Indomobil Summit Logistic.
IJMS president director Jusak Kertowidjojo attributed the weak first quarter performance to a decline in profits from its car rental business.
The company has spent almost Rp 100 billion of capital to buy new vehicles for its car rental business unit PT CSM Corporatama.
'The funds were obtained from credit syndication, bonds and our own capital,' Gunawan added.
Last year the company posted Rp 1.7 trillion of revenue, of which 56.57 percent came from the company's financing business, while the rest was derived from its car rental business. Net profit in 2014 stood at around Rp 125 billion.
