Tunas Ridean net profit soars 90 percent
The Jakarta Post
Diversified automotive company PT Tunas Ridean has seen its net profit increase by 90 percent to Rp 552 billion (US$41.38 million) last year from Rp 291 billion in 2015 due to increasing car sales.
The company revenue increased by 23 percent to Rp 12.45 trillion from Rp 10.15 trillion in 2015, said Tunas Ridean President Director Rico Setiawan as reported by kontan.co.id on Tuesday
This is a company best performance so far since being founded in 1980. The company, which is a distributor for PT Astra International's vehicles, namely Toyota, Daihatsu, Isuzu, Peugeot, BMW and Honda Motorcycles, was helped by the new model launched by the principals.
"Despite the improving economic conditions, 2017 is more challenging because there will be fewer new models launched," he said in a statement.
The company has seen its car sales increase by 17 percent to 50,990 units this year from last year's figure, but the net profit skyrocketed by 162 percent, Rp 362.6 billion, due to the increasing margin.
The car industry just recorded 5 percent growth in sales, but Astra's vehicles gained 15.8 percent growth as the company aggressively launched new models.
Meanwhile, motorcycle sales remain flat at 206,343 units. Rico viewed this as an achievement as the whole motorcycle industry's sales fell by 8 percent.
"For the rental division, the net profit increased by 386 percent to Rp 24.8 billion as the company received some additional profit from selling old rental fleets while increasing the number of fleets to 7,730 units," he said. (bbn)
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