Saratoga Investama Tbk PT Federal International (SRTG) made a profit of Rp 188.34 billion in the first half of 2013, down 65% when compared to the same period last year of Rp 539.61 billion. The fall in profits due to weak performance in the subsidiary coal and palm oil sector.
“Weakness in the coal and palm oil sector makes to the weakening performance,” said President Director of Saratoga Uno Uno S in Jakarta, Thursday (08/01/2013).
The Company recorded revenue of Rp 1.165 trillion in the first six months of this year, revenue rose compared to the previous year in the same period to Rp 1.138 trillion.
Load reduced income from Rp 1,063 to Rp 1,038 trillion trillion at the end of June 2013. So the gross profit and operating profit growth is still positive.
The company’s net profit could decline due to other expenses are quite high, especially because of the performance of subsidiaries in the coal sector and palm oil weakened.
Saratoga continued to invest in three key sectors to drive economic growth in Indonesia with a long-term outlook is very positive.
“By providing long-term benefits, Saratoga will continue to contribute to Indonesia and the wider community,” Uno added.
One of the company’s subsidiary in the consumer sector, PT Mustika Pinasthika Mitra Tbk (MPMX), earned revenues of Rp 6.78 trillion, contributed by higher sales of motorcycles in East Java and East Nusa Tenggara.
Sales volume increased by 26% to 447,578 units in the first half of 2013 compared to 355,758 units in the same period a year earlier. It is also supported by MPM automotive rental business, which rose 74%, from 6,995 units in the first half of 2012 to 12,104 units in the first half of 2013.
While the sector PT Tower Bersama Infrastructure Tbk (TBIG) won pendapatam surge by 96% This is caused by the growth of a significant tenant of organic growth and through acquisitions, from 8,584 tenants as of June 2012 to 15 277 tenants in June 2013.
In line with the increase in revenues, gross profit TBIG also been increased by 98% in the first half of 2013.
Saratoga Investment in PT Lintas Marga Sedaya managing highway projects Cikampek-palimanan goes according to schedule. Overall construction was started in January 2013.
The entire land has been acquired, the work permit has been issued by the authorities and senior debt facility is executed as well as drawdown begins in line with the project an important milestone.
While the natural resources sector, global sentiment towards commodities affect the performance of associated companies (investee companies) engaged in integrated coal sector, mining and palm oil.
Such as PT Adaro Energy Tbk (ADRO), Provident Agro, and PT Agro Maju Raya (Amara) which was corrected earnings
Expand in Insurance and Banking
Entering the second half of 2013, the company plans to enter into the insurance and banking sectors. This sector, said Uno, still very attractive in Indonesia.
“We are open to look at opportunities in the banking sector. Banks in Indonesia are very good, the growth of the industry is still good,” he said.
The Company is developing in the direction of the two sectors of the industry. How, can by buying an existing company or create new company from scratch.
“The business model we are usually targeting existing enterprises and capital needs. But it could also open opportunities from zero,” he said.