Astra aims to maintain majority market share amid plunging car sales

first_img“The automotive segment contributes around 30 to 40 percent to Astra’s bottom line, so we will likely see further contraction in the bottom line despite the economic recovery,” Koneksi Kapital analyst Alfred Nainggolan said, expecting the profit shrink to continue until year-end due to the low vehicle sales.However, the situation is expected to only be temporary with Alfred believing that the company has the opportunity to grow in 2021 due to improving automotive sales, rising crude palm oil (CPO) prices and growing property business.Astra, which has over 230 subsidiaries working under seven business segments, reported a 23 percent annual decline in revenue to Rp 89.8 trillion (US$6.19 billion) as of June 30. Its net profit, excluding revenue from the sale of Bank Permata shares, nosedived 44 percent annually to Rp 5.5 trillion. Net profit in the company’s automotive segment crashed 79 percent yoy to Rp 716 billion, making it the third-largest contributor to the conglomerate’s net profit, after having contributed the most in June last year.Astra director Johannes Loman expected the company’s motorcycle sales to fall 40 to 45 percent this year. This means Astra projects to sell a total of 2.7 million to 2.95 million motorcycles this year from last year’s 4.91 million units.The pandemic has also affected Astra’s financing business. Director Suparno Djasmin said the company’s financial services subsidiaries had restructured a total of Rp 30 trillion in loans from 1 million customers as of July.“Most of the restructured credits were coming from motorcycle ownership loans because the pandemic disrupted customers’ ability to repay their loans,” he said.He said the rate of loan restructuring had slowed down since June following the government’s decision to ease the PSBB.Astra, a publicly listed company, currently has no plan to expand its businesses despite gaining a significant profit from the sale of its stake at Bank Permata to Bangkok Bank.Bangkok Bank acquired in May a 89.12 percent stake in Bank Permata from Astra and United Kingdom-based Standard Chartered Bank for Rp 33.66 trillion, 1.63 times Bank Permata’s book value. “We are focusing on strengthening our balance sheet, but we are always open if a good opportunity presents itself,” Astra president director Djony Bunarto Tjondro said on Monday.The company announced in June that it halved capital expenditure to between Rp 10 trillion and Rp 11 trillion this year as part of its effort to conserve cash.Astra International shares, traded with the code ASII at the Indonesia Stock Exchange (IDX), had lost 23.47 percent of its value so far this year. The company’s share prices jumped 0.94 percent as of 2:02 p.m. Jakarta time on Tuesday to Rp 5,350 apiece.Topics : Diversified conglomerate PT Astra International is aiming to maintain its car market share at 52 percent this year despite the automotive market’s sluggish performance during the pandemic.The Association of Indonesian Automotive Manufacturers (Gaikindo) has projected that this year’s car wholesales will only reach 600,000 units, a 42 percent plunge compared to last year’s number, as the outbreak hits purchasing power.“We still intend to keep our share at the same rate as last year despite the slump,” Astra director Henry Tanoto said during a virtual press briefing on Monday. This means that Astra expects to sell around 300,000 cars this year, well below Astra’s total car sales in 2019 at 536,402.The market share of Astra, which has around half its revenue sourced from its automotive business, plunged to just 31 percent in May, when national car sales plummeted 95.7 percent year-on-year (yoy) to 3,500 cars following the introduction of large-scale social restrictions (PSBB) to contain the coronavirus spread. Astra usually dominates the market with a share of around 50 percent.Its market share slowly recovered in June to 38 percent and 40 percent in July in line with rebounds in sales nationwide. At least 25,283 cars were sold in July across the country, higher than 12,623 in June but far lower than 89,254 cars in July last year, according to Gaikindo data compiled by Astra.Head of investor relations Tira Ardianti said the company had prepared several strategies to maintain its market share. The strategies include strengthening its product lines with new and revamped models and providing the best customer experience from presales to after-sales, she told The Jakarta Post on Monday. last_img read more

What you should know about how to get your full rental bond back

first_imgLiving Here Cush Partners principal Haesley Cush has the ultimate checklist to get your bond money back. Picture: Annette DewI WAS chatting to a one of our tenants this week, like most people he was telling me how well he had looked after the place and that it was way better now than when he moved in. He was in the process of moving out and he wanted to make sure he was going to get his full bond back. So I gave him my advice.When it comes time to leave your rental property there are some things that all tenants should know in order to get their full bond back.The first starts back at the beginning of the lease. Once you signed your lease and take possession of the keys the clock starts ticking. You have three days to review your entry condition report (ECR) and alert your agent to any discrepancies. I always advise tenants to take lots of photos, make notes on the ECR and ensure you return it within the allocated time. This could save you thousands at the end of your lease.Throughout the tenancy, advise your agent of any maintenance issues, even if they don’t bother you. Most tenants are surprised to know that their lease stipulates that they must advise the landlord of any maintenance. This stops a small problem becoming a major job eg. A small water mark in the ceiling becoming the entire roof caving in from built up water damage.Do not leave the keys on the kitchen counter, take it to the landlord or agent.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoUse the real estate agent’s recommended cleaner when it’s time to go. A bond clean is quite expensive. So if you are going to engage a cleaner let the agent appoint them. That way if the property manager is unhappy with the standard of cleanliness then they can deal with the cleaner directly with no extra costs to the tenant.You must return the property to the same standard that it was handed to you, barring any fair wear and tear. This barring any fair wear and tear is the source of many arguments but essentially it’s any damage that is caused by simply using the property in the way it was designed to be used, for example wear to carpets from walking on them.Handing back the property incorrectly can cost thousands. You can’t just simply leave when your lease is up. If you have a lease you are bound to pay rent and look after the property for the entire period of the lease. Once that fixed term lease is finished, if no notice is given, then the lease becomes a periodic lease commonly known as a ‘month-to-month’ lease.You must provide written notice to the landlord that you are leaving. In Queensland this is a minimum of two weeks before you intend to leave, accepting that you can’t just give two weeks mid lease, it needs to be no less than two weeks before the end of your lease or once it becomes a periodic.Possession is often decided on as when the keys are returned. Giving notice and leaving, without returning the keys, can mean the rent keeps ticking over. So don’t just drop them on the bench and leave! Take them to the landlord or agent, ask them to photocopy them and everyone should sign an acknowledgment that they have been returned.* Haesley Cush is the principal of property management firm Living Here Cush Partners.last_img read more

Trump to Host MAGA Rally in Panama City Beach This Week

first_imgPresident Trump is scheduled to return this week to the Sunshine State to host a “Make America Great Again” rally.The rally will be held at the Aaron Bessant Park Amphitheater in Panama City Beach on Wednesday, May 8 at 8 p.m. It will be Trump’s second rally in that city since he began his first presidential race in 2015. He has hosted nearly 40 such events in Florida during the past four years.Michael Glassner, Chief Operating Officer of Donald J. Trump for President, Inc., says, “President Trump looks forward to returning to Florida to share the historic achievements of his administration directly with Floridians. As paychecks grow at the fastest pace in a decade and unemployment hits generational lows nationally, Florida maintains one of the strongest economies in the nation thanks to the free market, pro-growth policies of President Trump.”President Trump most recently visited Panama City Beach last October, to survey the damage from Hurricane Michael, which meteorologists recently upgraded to a category 5 storm.Tickets for this week’s rally are available on a first come, first serve basis at Trump’s campaign site. In addition, there is a limit of two tickets per mobile number.last_img read more

New initiative to promote wellness among students

first_imgOn Sept. 30, USC unveiled a new interdisciplinary initiative, Mindful USC, to promote the mental and physical health of USC community members.Dean of Religious Life Varun Soni, who co-created the initiative, has helped develop an interdisciplinary approach to mindfulness that is unique to USC’s program.“We feel like our initiative is more comprehensive than most of the initiatives of other universities because it has a focus on three areas: research, teaching and practice,” Soni said.The new initiative will feature mindfulness courses, practice groups, research opportunities, faculty workshops, media resources, public programs and special events. The first event will take place on Oct. 22 at 6:30 p.m., and will include a presentation by Chade-Meng Tan, Google’s chief happiness officer, whose official title is the Jolly Good Fellow. He is also the author of Search Inside Yourself, a modern manual for mindfulness.The free, 5-week workshops will be hosted by the Center for Excellence in Teaching on both the University Park Campus and Health Sciences Campus. They will be open to students, faculty and staff and will focus primarily on how to develop personal mindfulness practices.“[The workshops] are really focused on developing mindfulness practices, self-compassion, and we’re really oriented around the ideas of stress reduction, workplace happiness and innovative and creative learning,” Soni said.Mindful USC’s Steering Committee is co-chaired by Professor Allen Weiss and Soni. The committee also includes leaders from the Center for Excellence in Teaching, Center for Work and Family Life, Institute for Integrative Health, Levan Institute for Humanities and Ethics, Engemann Health Center, Office of Talent Management and the Office of Religious Life. Faculty members from six academic schools are also represented. The Steering Committee is also partnering with Undergraduate and Graduate Student Governments to make the program as effective for students as possible.USG president Andrew Menard views the issue of mental health a critical one on campus.“It’s important for [students] to make sure not only that they’re doing well in school, but that they’re mentally well and mentally healthy because ultimately what’s going to impact their performance is how healthy they are,” he said.Menard also acknowledged his own struggles with stress management, which has helped shaped his passion toward providing a better learning environment for students at USC.“There have been times when I’ve been stressed out, or my friends have been stressed out, and ultimately I think that it’s been a hindrance to our productivity,” Menard said. “I think the sooner that students take a step back and recognize the importance of being mentally well and having this mindful outlook, students are just going to enjoy their lives more.”Soni hopes to expand the program to have a greater impact on the USC community as a whole.“The goal really is to start something and see who’s really excited about this. What we really want to do is create a buzz around mindfulness, and hopefully people from different domains and disciplines within the university will come and say they want to be a part of this,” he said.Students can get more information about the program and sign up for classes on the initiative’s website, mindful.usc.edu.last_img read more

Retiring in Costa Rica Come here with an open mind

first_imgRelated posts:A letter to our readers Tacos4Ticos gives back through football American Colony to host 56th annual U.S. Independence Day picnic on Sunday Locals in Manuel Antonio prevent robbery of U.S. tourist with citizen’s arrest A decade ago, Allen Dickinson sold his mortgage brokerage in Florida just before the housing market crash and moved down to Costa Rica as a retiree looking for a relaxing, inexpensive country where he could quietly live out the rest of his days.An increasingly expensive economy and an unexpected introduction to the woman who is now wife his taught Dickinson early on that sometimes life doesn’t happen according to one’s plans.Originally from Oregon, Dickinson, who served in the U.S. Navy for 23 years, has been living in the Central Valley since he moved here, citing ever-growing political tension and partisanship as his reasons for leaving the United States. In today’s especially hostile political climate, which has led many U.S. citizens to ponder whether they should take similar steps, Dickinson has some words of wisdom – and caution – for those looking to expatriate. He serves as the editor of the Association of Residents of Costa Rica’s (ARCR) El Residente magazine, which caters to retirees and those looking to come to Costa Rica.Dickinson sat down with The Tico Times to discuss his story. Excerpts follow.What brought you to Costa Rica?I never have figured out exactly what it was that got me to Costa Rica. I know what it was that got me out of the United States, though.What was that?I was sick and tired of the change in the culture. We are no longer a melting pot of different ideas and different perspectives. The country is now fractionalized into little groups of people who have their own cause and will do anything to destroy anything or anybody different from them.Now you’re able to look back at a United States that has gotten much more extreme to that effect. Are you glad that you’re seeing this from afar?I thought one of the things that would happen when I moved out of the country is that I would not be interested in what was going on there and not feel emotionally connected to it. And that hasn’t happened. I can’t seem to get it out of my system. I follow the news and read a lot on the internet. I’ve read a lot of negative messages from my friends.How long has been El Residente been running?El Residente has been going on for about 25 years and I’ve been behind the scenes editing for many years. A few years ago, when the director of ARCR was kidnapped, I was asked to take over because he was doing that job. When he came back he asked me to continue, and I’ve been doing it ever since.What were you doing when you initially came down to Costa Rica?I was in the mortgage brokerage business, and owned my own brokerage in Pensacola, Florida. In 2005 or 2006, I saw the writing on the wall. I couldn’t read it specifically but I knew that there was something going on that was going to be bad. So I took that opportunity to sell my business before everything collapsed and take off.What made you think something was going on? From what I’ve seen and read, no one knew it was coming, and those who did know were being laughed out of boardrooms. Those were the guys who had big money involved and didn’t want to see the obvious. There were just a lot of little things, little changes in the industry that when you added them all together, spelled bad things. And there was gossip – I can’t classify it any more than that – but there was gossip. You took a piece of information here and someone talking about something else there. Nothing that you could put your finger on, but just a feeling more than anything else that this is not good and things are not going to get better.That’s a lucky feeling to have. And at just the right time.Yeah, it certainly was.What has been the biggest challenge for you living here?Patience… Thank God I’m not a type-A personality. I just walked out of a store because they have an incorrect amount for the balance that I owe them; I have to go home to get the receipts to prove to them that the payments they’re showing I haven’t made actually have been made. It’s just a lack of sophistication in record-keeping, and that’s kind of indicative of a lot of things in this country.On the other side of the coin, you probably wouldn’t be living here still if it wasn’t worth it. What balances it out for you?I’m married to a Tica, and quite possibly I would be someplace else if I were not, if for no other reason than what has happened with the economy here. Everything is expensive. I have a limited income and that goes pretty quickly. Ten years ago it was relatively inexpensive… one of the reasons that I did end up here was anticipating that.If you could send a message to someone who’s looking to retire down here, what your initial piece of wisdom be?Certainly to do your research. Read online and buy any books you can find. If you then decide this is a place you want to come to, come with the idea that you are going to investigate it. Don’t come here and buy a house in the first three weeks that you’re here. People don’t know what the country is like and don’t know where they want to live, but they see someplace beautiful and buy it, and find out that’s not the area of the country for them. Come here with an open mind and don’t make any commitments for at least a year.Would you like to share your or your family’s coming-to-Costa Rica story? Contact us at kstanley@ticotimes.net or share a post or video with the hashtag #SoyMigranteCR.Read more stories of Costa Rican immigration here. Facebook Commentslast_img read more