JAKARTA - PT Adira Dinamika Multi Finance Tbk (ADMF) posted net profit growth of 5% year on year (yoy) to Rp 1.4 trillion in the third quarter of 2019.
However, Adira Finance President Director Hafid Hadeli admitted that the company’s sales performance this year has been flat compared to last year. This is primarily caused by slowing sales growth of four-wheeled vehicles.
“This year our sales have been relatively flat compared to last year due to sluggish sales growth in the automotive sector, primarily in four-wheeled vehicles, whose sales dropped 12% until September according to a report from Gaikindo (Indonesian Automotive Industry Association),” Mr Hadeli told the press after Adira Finance’s EGM at the Le Meridien Hotel, Central Jakarta on Thursday (24/10).
As of September this year, Adira Finance’s new financing fell 1% yoy to Rp 28 trillion. Car financing, Mr Hadeli explained, slipped 6% yoy to Rp 11.6 trillion, although the drop was compensated by motorcycle financing which grew 6% yoy to Rp 14.8 trillion. (MS)