JAKARTA - President Director Willy Dharma of financing company PT Adira Dinamika Multi Finance Tbk (ADMF) spoke about the company’s performance over the past year. He concludes at the end of the first quarter 2016, there were several negative and positive factors which impacted ADMF’s financial position.
The first positive factor was the company’s syariah portfolio. Adira’s syariah financing grew to Rp4.5 trillion by March 2016. Additionally, Dharma said that corporate rater Pefindo awarded them a corporate and bond rating of AAA, even as industry faced harsh market conditions produced by a slowing economy.
He also lamented that the company continues to struggle with with higher interest rates which were implemented in 2013 by Bank Indonesia; the affects which can still be felt on the company’s balance sheet, specifically, a widening interest expense.
Dharma added, “The industry got to its lowest point in the first quarter,” talking about 2015. Because the company primarily deals with vehicle financing, their business is directly affected by the automotive and motorcycle sales in Indonesia. (CH)