Adira Finance posts Rp 597 billion net profit in 1H
JAKARTA - PT Adira Dinamika Multi Finance Tbk (ADMF) posted a net profit drop of 37% year on year (yoy) to Rp 597 billion in the first half (1H) of 2020.
The net profit drop was in line with the contraction suffered by the domestic automotive industry due to the ongoing coronavirus (COVID-19) pandemic. In 1H, Adira Finance's total new financing plunged 47% to Rp 10.1 trillion, while the sales of motorcycles dropped to Rp 4.7 trillion and the sales of cars dropped to Rp 3.6 trillion.
"As of 30 June 2020, the number of customers who filed for restructuring amounted to 745,000 contracts or worth around Rp 17.4 trillion," Adira Finance CEO Hafid Hadeli said in an official statement received by IDNFinancials.com, Tuesday (4/8).
Financially, in 1H the company posted an interest income drop of 1% yoy to Rp 5.8 trillion, whereas its operating expenses rose slightly by 1% yoy to Rp 3.9 trillion.
According to Adira Finance CFO I Dewa Made Susila, during the COVID-19 crisis the company has met liquidity and funding requirements through diversified funding sources, including joint financing with its parent company PT Bank Danamon Tbk (BDMN), onshore and offshore loan facilities, and bond issuances.
"In early 2020, we obtained an offshore syndicated loan of US$300 million. In July we issued Shelf-Registered Bond V/2020 and Sukuk Mudharaba IV/2020 worth Rp 1.5 trillion as well as signing a US$280 million stand-by facility from MUFG Bank," Mr Susila explained. (MS)