JAKARTA. PT Jasa Marga (Persero) Tbk (JSMR) did not manage to record significant net profit growth in the first quarter (Q1) 2020, since its revenue dropped by 43.27% year on year (YoY) to Rp 4.18 trillion.
According to the company's financial statements, the biggest decline in revenue occurred in the construction business line, which reached 71.79% YoY from Rp 5.12 trillion to Rp 1.44 trillion.
Meanwhile, two other JSMR business lines still recorded positive performance. Revenue from the toll road business grew 8.29% YoY to Rp 2.53 trillion, then its non-toll business grew by 13% YoY to Rp202.95 billion.
As a result, JSMR's net profit only grew by 0.5% YoY to Rp 587.93 billion in Q1 2020, from Rp 584.83 billion in Q1 2019.
M. Agus Setiawan, Corporate Secretary of JSMR, acknowledged the company's performance was indeed affected by the COVID -19 pandemic. He estimated the pandemic would disrupt the company's operating performance for 1-3 months. To anticipate the impact of COVID-19, Setiawan said through information disclosure, JSMR will "adopt a policy to shift operational schedules." (KR/AR)