- Earnings per share increased 113%
- Motor vehicle unit sales up 16% while motorcycle unit sales down 4%
- Mandiri Tunas Finance saw 12% lending growth
“The Group’s earnings were 113% higher due to stronger contributions from the motor vehicle, Rental and Mandiri Tunas Finance businesses, partly offset by the lower contribution from the motorcycle business. The Group is expected to continue to trade well for the rest of the year, despite the challenging and uncertain economic environment.”
Nine months ended 30th September
|Profit attributable to shareholders||423||199||113|
|Earnings per share (Rp) *||76||36||113|
|Equity attributable to shareholders||2,743||2,372||16|
|Net asset value per share (Rp) *||492||425||16|
The financial results for the nine months ended 30th September 2016 and 2015 have been prepared in accordance with Indonesian Financial Accounting Standards. These results were unaudited. The financial position as at 31st December 2015 was audited.
* Based on total number of shares currently in issue (5,580 million shares)
President Director’s Statement
The Group’s earnings were 113% higher due to stronger contributions from the motor vehicle, Rental and Mandiri Tunas Finance businesses, partly offset by the lower contribution from the motorcycle business.
The Group’s revenue for the nine months ended 30th September 2016 was Rp9.4 trillion, an increase of 24% from the previous year. Profit attributable to shareholders at Rp422.8 billion was 113% higher, while earnings per share were also 113% higher at Rp76.
Profit from the Group’s automotive business increased by 241% to Rp286.6 billion. Although the national car market increased by 2% to 783,000 units, the Group’s new car sales were up 16% to 37,463 units, benefiting from the launch of new models alongside improved margins. Tunas’ motorcycle sales, which are mainly located in Sumatra, were down by 4% to 148,401 units, compared to the national motorcycle market which declined by 10% to 4.4 million units.
Tunas Rental’s profit was 350% higher at Rp18.5 billion primarily due to an increased volume of disposals of ex-rental cars at higher average gains. Tunas Rental’s fleet size decreased 3% to 7,730 units.
The Group’s 49%-owned associate, Mandiri Tunas Finance, contributed a profit of Rp117.7 billion, 6% higher year-on-year. The improvement was mainly due to higher net interest and fee income earned from a growing loan portfolio. New lending volume increased by 12% to Rp13.4 trillion.
The Group is expected to continue to trade well for the rest of the year, despite the challenging and uncertain economic environment.
31st October 2016