JAKARTA - PT Adi Sarana Armada Tbk (ASSA) was able to record 38% revenue growth during the first quarter of 2020 to Rp 701.62 billion compared to the same quarter in the previous year amounting to Rp 508.87 billion.
The largest contribution to revenue came from passenger and autopool vehicle rental services amounting to Rp 327.38 billion or 46.7% of ASSA's total revenue in the first quarter of 2020, followed used vehicle sales by 18%, express delivery services (Anteraja) by 14.3%, driver services by 9%, auction services by 6% and logistics by 6%.
President Director of ASSA Prodjo Sunarjanto stated "Revenues from rental and autopool services were still the largest contributor to ASSA's revenue in the first quarter of 2020, but the highest revenue increase in the first quarter of 2020 came from Anteraja express delivery services, which grew to Rp 100.3 billion compared to the same period in the previous year which amounted to Rp 295 million."
Cost of revenue as well as general and administrative expenses increased in the first quarter of 2020, which were recorded at 43% and 42.3% yoy respectively. This resulted in a relatively stable net profit of Rp 26.05 billion in the first quarter of 2020 compared to the previous year's net profit of Rp 26.53 billion. (LM)