Astra International’s profit plunges 44% in H1 as pandemic batters auto business

first_imgThe automotive industry has been among the hardest-hit sectors during the pandemic as customers stay at home to help curb the spread of COVID-19. National car sales fell 46 percent annually in the first half to just 260,933 units, according to Association of Indonesian Automotive Manufacturers (Gaikindo) data compiled by Astra.Car wholesales nosedived in April and hit rock bottom in May with a more than 95 percent annual drop before rebounding in June, the data shows.  “Surely, the outlook for the automotive industry is quite challenging as consumer confidence is still quite weak and auto financing has yet to recover,” BNI Sekuritas head of equity research Kim Kwie Sjamsudin told The Jakarta Post on Wednesday.He noted that those two sectors accounted for a big chunk of the company’s business. Read also: Gold price surge blessing in disguise for IndonesiaThe company’s financial services segment saw its net profit decrease by 25 percent yoy to Rp 2.1 trillion as a result of the increase in provisions set aside to cover the losses from a growing number of bad loans in consumer and heavy equipment financing, the company reported. In May this year, Astra International sold its entire shares in Bank Permata, worth around Rp 16.83 trillion, to Bangkok Bank. From the sales, Astra made Rp 5.88 trillion in net profit, higher than the profit it booked from its business operations alone. Astra also reported that its heavy machinery, mining, construction and energy segment had generated Rp 2.37 trillion in net profit, making it the biggest contributor to the company’s total net profit, despite seeing a 29 percent annual decline in revenue due to lower sales and contract volume, driven by weaker coal prices. The agribusiness segment also experienced a rise in net profit, increasing a staggering 791 percent from Rp 35 billion to Rp 312 billion in the first half as a result of rising crude palm oil (CPO) prices, especially during the year’s first quarter. Average CPO prices increased by 26 percent yoy to Rp 8,109 per kilogram in the first half, the company said. “Most probably, Astra International will pin its hopes on the agribusiness segment and its gold mines going forward,” Jasa Utama Capital analyst Chris Apriliony said on Wednesday. The rise in the two business lines, he added, would be driven by higher CPO and global gold prices, which could cushion the adverse impact faced by its other cooling businesses. Read also: Automakers rev up discounts to beat coronavirus sales bluesKim of BNI Sekuritas, on the other hand, noted that the commodity sector was highly-dependent on global economic activities and with the easing of global lockdown, things would start to move northward.“We expect the second quarter of 2020 to be the bottom, earnings-wise,” he said. Astra’s shares, traded at the Indonesia Stock Exchange (IDX) with the code ASII, jumped by almost 1 percent as of 12:58 p.m. Jakarta time on Thursday while the main gauge, the Jakarta Composite Index (JCI), gained 0.25 percent.Its stocks have lost almost 26 percent of its value so far this year versus an 18.66 percent loss recorded by the JCI. Astra Group, which has over 230 subsidiaries working under seven business segments, namely automotive, financial services, agribusiness, property, infrastructure and logistics, information technology and heavy equipment, mining, construction and energy, has reported a decrease in almost all of the business sectors it operates in. However, its automotive business was the hardest hit.  Read also: Light at end of tunnel for auto industry as June car sales rebound: ExpertsNet profit in the company’s automotive segment crashed 79 percent yoy to Rp 716 billion because of a fall in sales volume in the second quarter of the year. The business segment went from being the biggest contributor to net profit in June last year to its third-largest contributor.Astra’s car sales fell by 45 percent during the first half of the year to 139,500 units. In the second quarter alone, sales fell 92 percent against the previous quarter. Honda Astra’s motorcycle sales, meanwhile, fell 40 percent to 1.5 million units in the first half and 80 percent quarter-on-quarter (qoq). Topics :center_img Diversified conglomerate PT Astra International has reported a drop in revenue and net profit in the first half of the year, largely because of the pandemic’s major impacts on the automotive industry and commodity prices.The company’s revenue has fallen by 23 percent year-on-year (yoy) 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 yoy to Rp 5.5 trillion. “Countermeasures against the pandemic implemented in most regions in Indonesia, including the temporary closedown of manufacturing activities and automotive distribution, have impacted the group’s operations substantially,” Astra president director Djony Bunarto Tjondro said in a press statement on Wednesday. last_img read more

Tottenham or Ajax? Paul Merson makes prediction for Champions League semi-final

first_imgTottenham or Ajax? Paul Merson makes prediction for Champions League semi-final Tottenham face Ajax for a place in the Champions League final (Picture: Getty)Paul Merson is confident that Tottenham will reach the Champions League final as they will be ‘too strong’ for a relatively inexperienced Ajax side.Tottenham booked their place in the last four of the competition for the first time since 1961/62 following a dramatic quarter-final victory over Manchester City on Wednesday night.Fernando Llorente’s bundled finish in the 73rd minute of the quarter-final second leg sent Spurs through on away goals and Mauricio Pochettino’s men will do battle with giant-killers Ajax for a place in the final.Ajax have already knocked Real Madrid and Juventus out of the competition but Arsenal legend Merson has predicted that Tottenham will emerge from the semi-final triumphant.AdvertisementAdvertisementADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CitySpeaking on Sky Sports’ The Debate, Merson said: ‘To go to Manchester City and beat them… everybody in Europe will be looking at this result. Everybody will be going: “wow!”‘It’s not just that they’ve gone through but they’ve scored three goals [away from home].‘I know they have let in four but these are two legged-games. Anybody wins on a one-off game, I’ve seen it a million times in FA Cup shocks and 90 minutes… but it’s two legs. Metro Sport ReporterThursday 18 Apr 2019 2:57 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link226Shares Comment Llorente’s goal sent Spurs through on away goals (Picture: Getty)Merson believes Juventus and Madrid took ‘liberties’ with Ajax and Tottenham pose a more serious threat to their Champions League hopes.‘They play without fear but this is the Champions League semi-final now. This is not your league games or going to Juventus where you’ve got nothing to lose or to Real Madrid where you’ve got nothing to lose,’ he added.‘The other teams took liberties with them but Tottenham won’t do that. Tottenham will give them respect and they’ll give Tottenham respect.More: FootballBruno Fernandes responds to Man Utd bust-up rumours with Ole Gunnar SolskjaerNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira moves‘It’s the semi-final and there will be nerves both ways. It will be whoever handles the nerves the best.‘It will be a good game… but don’t open the game up, Tottenham. They will rip you to shreds.‘But I just think Tottenham will be too strong. Defensively they’re very good and I think Tottenham will get to the final, I really do.’MORE: Manchester United transfer target Jadon Sancho wants chance to return to north-westcenter_img Merson thinks Spurs will be ‘too strong’ for Ajax (Picture: Getty)‘And to show the bottle to have a go. Second half they were pinned back but they kept on going.‘Don’t take anything away from Tottenham, this is a phenomenal football result. They have every chance of being in the final.‘Ajax are good but if Tottenham play like they can and to their best ability they will be too strong for Ajax.’ Advertisement Advertisementlast_img read more

Townsville’s property market tipped to make a comeback like the Cowboys

first_imgCowboy’s Kane Linnett scores a try during the Sydney Roosters v Cowboys NRL Preliminary Final at Allianz Stadium, Sydney. Picture: Brett CostelloSETBACKS will always bring out the Negative Nevilles who are quick to count you out of the game, and the Cowboys have had a fair bit of experience with this problem this season.They’ve had a tough season, which has been hampered by serious injury and setback after setback.The so-called experts wrote them off, saying they were doomed without co-captains Johnathan Thurston and Matt Scott and they said the team would have no chance at making the finals.But here we are, playing in the grand final. So it just goes to show how the experts can be wrong and how, if you put your head down and play the long game, you can end up confounding the experts.The Townsville property market has faced a challenging period recently. Vacancies are up, jobs are down, and combined with the impact from the mining downturn and the drought, property prices are falling. The experts have counted us out.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020However, in recent months we are seeing the green shoots of recovery. Interest from interstate investors is still evident, and Townsville has been listed on a few investor “hot spot” lists, which is driving further interest.If you adopt a medium-to-long-term outlook you will see that jobs will return as the infrastructure projects and the public and private investment projects get under way.Townsville is one of Australia’s largest regional cities and its prospects are good. The coal price is steadily rising and while it is unlikely to ever return to boom levels of pre-2011, it’s getting to levels that make it viable for production to ramp up. The coal sector is streamlined and more disciplined around costs and the jobs that are being created are more reliable.Jobs bring workers and this will create demand for housing, both rentals and sales. The medium term outlook for this town is good and our economy will prosper and grow. So just like the Cowboys, our town is resilient and knows how to survive the toughest of challenges.We wish Paul Green and his men all the very best for tomorrow and we congratulate them and the whole organisation for showing the rest of the country what it means to be a North Queenslander!last_img read more

Ex-MP McClymont takes policy role at top master trust provider

first_imgMcClymont served as an MP from 2010 to 2015. He is currently a member of the UK regulator’s Institutional Disclosure Working Group, which is developing a cost reporting standard for asset managers, and is a board member at the Tax-Incentivised Savings Association. Source: PLSAGregg McClymont (centre) appears on a panel at a PLSA conference with Graham Vidler (left) and Sir Steve WebbHe has also co-edited two books comparing pension systems from around the world, with Andy Tarrant, a former adviser to the Labour party who became head of Policy and government relations at The People’s Pension in 2016.At B&CE, McClymont will take charge of policy and external affairs when he joins at the end of this month. He said he would also be working on the development of an “occupational health solution that will improve the lives of workers by treating health equally to safety, catching symptoms of ill health in the workplace early and helping them to stay in work longer”.B&CE – originally founded as an industry-wide pension and health benefits provider for construction workers – launched The People’s Pension in 2011 in response to the UK’s automatic enrolment legislation. It now caters for nearly 4m workers from multiple industries. B&CE, provider of The People’s Pension, the UK’s biggest defined contribution (DC) master trust, has hired former Labour party pensions spokesman Gregg McClymont as director of policy and external affairs.McClymont joins from Aberdeen Standard Investments where he was head of retirement, a role he held since losing his parliamentary seat in 2015.Patrick Heath-Lay, B&CE’s chief executive officer, said: “Gregg’s commitment to delivering better retirement savings outcomes for working people is well recognised throughout the industry and in parliament.“He has been a tireless supporter of automatic enrolment and a vocal campaigner for improved pensions options for UK workers. As a not-for-profit organisation, this aligns with B&CE’s aims and values and we are thrilled to be able to benefit from his extensive policy experience and industry expertise.”last_img read more

Channel 9 presenter Eva Milic lists Gold Coast home for $1m

first_imgNadia Milic and Eva Milic. The pair are selling a house on the Gold Coast that they own together.A WATERFRONT home owned by Channel 9 news presenter Eva Milic and her mother and sister has hit the market on the Gold Coast.The four-bedroom, three-bathroom house in Sorrento is listed for sale for $1.09 million. This house on the waterfront in Sorrento is for sale.Described as being positioned in a quiet cul-de-sac, the property has wide, water views and sits on a 720 sqm block.The living and kitchen areas look out over the pool and waterways. The views from the swimming pool are beautiful.There’s even a boat ramp to store your jet ski and other watercraft.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoMilic is also an MC, and in 2001 was crowned Miss World Australia. Channel 9 news presenter Eva Milic.She lives in Mermaid Beach with her husband and two children.Milic has previously told The Courier-Mail that she is very close to her sister, Nadia, and mother, Nevenka.last_img read more

India Working to Polish Its Ship Recycling Image

first_imgIndia is working to improve its global reputation as one of the world’s top ship dismantling nations by upgrading its safety and environmental track records.Specifically, the President of India Ram Nath Kovind approved the country’s Recycling of Ships Bill, 2019 making it an Act. The move comes on the back of the country’s accession to the Hong Kong International Convention for Safe and Environmentally Sound Recycling of Ships, 2009 last month.The new act restricts and prohibits the use or installation of hazardous materials, which applies irrespective of whether a ship is meant for recycling or not.For new ships, the prohibition on the use of hazardous materials will be immediate, while existing ships shall have a period of five years for compliance. The restriction would not be applied to warships and non-commercial ships operated by the government.The government said that ships shall be surveyed and certified on the inventory of hazardous materials used in ships.Furthermore, under the act, ship recycling facilities would be required to be authorized and ships will only be allowed to be recycled in authorized facilities in accordance with a ship-specific recycling plan.Ships to be recycled in India would be required to obtain a Ready for Recycling Certificate in accordance with the HKC.“The act imposes a statutory duty on ship recyclers to ensure safe and environmentally sound removal and management of hazardous wastes from ships. Appropriate penal provisions have been introduced in the act to deter any violation of statutory provisions,” the government said in a press release.However, the NGO Shipbreaking Platform believes that the country is not doing enough to improve working conditions at Indian shipbreaking yards. According to recent research issued by Mumbai’s Tata Institute of Social Sciences (TISS), working conditions at the shipbreaking yards in Alang-Sosiya (ASSBY), India, remain poor.The report highlighted several breaches of the national legal framework aimed at protecting workers and their occupational health and safety, including the lack of protective equipment and inappropriate safety measures at the workplace, inadequate health facilities and too long working hours.What is more, two workers have reportedly died on the shipbreaking beach of Alang in the last quarter of this year. Two separate accidents took place at scrapping yards that have applied to be included in the EU list of approved ship recycling facilities and are promoted by the industry as “safe and green”, the NGO said.In total, shipbreaking yards on South Asian beaches have claimed the lives of 19 workers so far this year, according to the NGO Shipbreaking Platform’s quarterly update.Between July and September alone, eleven workers lost their lives and twenty were severely injured when breaking ships in Bangladesh and India, the report read.Despite growing pressure from the public to recycle ships in a safe and environmentally-friendly manner, the majority of ships still end up on the beaches of South Asia.A total of 122 ships were broken in the third quarter of 2019, and out of these, 73 ships were sold to the beaches of South Asia.last_img read more

A man had two sons

first_img Share Share 28 Views   no discussions Share FaithLifestyleLocalNews A man had two sons by: – September 26, 2011center_img Tweet Sharing is caring! Image via: mark1616.wordpress.comThis parable is open to interpretation in ways we can immediately recognize. A domestic interpretation immediately suggests itself. A parent, for example, asks one child to wash the wares: The child says yes, and hours later the dirty wares are still piled up in the sink. The parent asks a second child and gets a grumbling response: “Me again?! Why am I the only one you always turn to? What you can’t ask somebody else for a change etc?” But the wares get washed. Which child did the parent’s will? Obviously the second.For Jesus (and his listeners) the two sons symbolized two groups of people. The religious leaders of the day – they are the first son; and the prostitutes and sinners, those rejected by religious society, are the second. The leaders had pledged to welcome the Messiah when he came. Yet when John the Baptist announced his coming, they didn’t get rally around him. The tax-collectors and those rejected by religious society didn’t think the matter had anything to do with them, but when John invited them, they lined up right behind him.It must have been galling for the first group to hear that the second group was getting into the Kingdom before them; but you can imagine Jesus saying to them in reply. All you did was talk the talk.The parable can be interpreted in still other ways. You can take the two sons to represent two different kinds of persons. There’s the person who always talks religion, and there is a second type of person who doesn’t seem especially religious or comfortable talking about religion. The person of the second type doesn’t live in Church, but will do the most generous things and think nothing of it. The other type of person will always tell you know what sorts of things the Church should be doing etc, without doing much of anything themselves.Jesus clearly had a preference for doers, not talkers. By their fruits you shall know them, he said elsewhere, not their speech. In the last judgment scene in Matthew 25, people are judged by what they do vis a vis a variety of persons in need. They are not judged by whether or not they thought, for instance, that the poor should be fed. Who thinks that the poor should starve?The ideal, of course, is to be a doer and a talker, someone who preaches and practices. This is an ideal to which all of us only approximate. Somerset Maugham, the English writer, once remarked cynically that the function of a preacher is to preach, implying that it’s foolish to expect him to practice. But Maugham’s cynicism was misplaced. Preaching without complete practice, which is how preaching ordinarily occurs, has its value and its place, and it’s nothing to feel too apologetic about. Every parent, for example, must tell their children what they should avoid doing, even if the parents are not paragons of virtue. Parents still have to say what parents must say.The key thing, of course, is to be persons who keep striving to be the best, and not settle for minor improvement, for becoming just a little better. Jesus did not say to us: be ye therefore slightly improved. He said be ye therefore perfect, just as your heavenly father is perfect.By: Father Henry Charles Ph.Dlast_img read more

Discover Dominica Authority News Update for the week ending Friday April1 20th 2012

first_img Share Share **Dominica host Australia and the West Indies Cricket teams **The Discover Dominica Authority (DDA) assisted in the marketing of the 3rd test match between the West Indies and Australia which will be held from April 23 – 27, 2012. Discover Dominica undertook many activities to promote the event and the destination to international, regional and local cricket lovers and by extension, the sporting world. The event which is carded for the Windsor Park Sports Stadium was advertised on the various television networks namely Sportsmax and CMC for the past month. It is our hope that many people were able to see Dominica and what it has to offer and would decide on visiting our island not only for cricket but also to enjoy the sites, attractions and energy which the island possesses. TV crawls were also shown on Sportsmax during the matches prior to the Dominica game. During the 5 days live game the authority will continue to advertise the destination to the international world through ads as well as at an Information booth at the Windsor Park Stadium where patrons and visitors can find out more about the island and the events which they can visit for. The authority will also use this time to promote the WCMF and the Jazz ‘n Creole, 2 of the islands flagship events through flyers and ads on the cricket screen. In collaboration with the Dominica Cricket Association, Discover Dominica Authority conducted an online contest on the DiscoverDominica.com Website, offering persons a chance to win tickets to the game. Five (5) winners were selected and awarded tickets to the 5 days of the games. The DDA pledged its support in working with the international media to capture the beautiful scenery of Dominica so that it can be shown to all viewing the match on television. DDA also offered its support to overall sponsor DIGICEL and the Dominica Cricket Association in ensuring that the teams, officials and other visitors do have the most memorable time while on island and hope that even after the game, persons will return.**Dominica conducted Access Strategy Marketing Workshop**As a follow-on to the Access Strategy , Mr. Ian Bertrand the lead consultant of EL Perial and his team led a retreat to develop a marketing plan to compliment Dominica’s access strategy. Phase one of the project has been completed and was presented during a three day working session. Participants included staff of the Ministry of Tourism, Discover Dominica Authority and other persons from the private sector and other key tourism partners. With the agreed approach, the second phase of the process will develop a detailed marketing plan to support this strategy. At the end of the entire exercise a comprehensive Access Report will be available to the Authority to address Access Distribution, Access Strategies over the regional hubs based on the estimated economic contribution required of the Tourism Industry up to 2015.**Dominica observed Earth Day ***Dominica joined the rest of the world in observance of Earth Day, on Sunday, April 22, 2012. Earth Day is intended to inspire awareness and appreciation for the Earth’s Environment. This year the day is celebrated under the theme ‘Mobilize the Earth’; On that day, more than one billion people around the globe will participate in Earth Day 2012 and help Mobilize the Earth. People of all nationalities and backgrounds will voice their appreciation for the planet and demand its protection.This year, as part of activities to observe the day, the Discover Dominica Authority (DDA) planned a Dirty Sock Contest for Thursday, April 19, 2012, at the Bayfront, Roseau.Certified taxi operators were randomly selected to participate in the said event. Participants were given a clean, new white sock to place over their vehicle’s emission pipe. The vehicles were then switched on and left to idle for 30 seconds. By taking the sock off of the emission pipe and turning it inside out, participants were able to see what their automobile emits into the air and its effects on air quality.** Discover welcomed Martiniquans Senior Citizens**Discover Dominica Authority provided assistance to the Martinique group of senior citizens Qui Vivra Verra during their recent visit to Dominica. The group, in collaboration with their counterparts the Dominica Council on Ageing, has visited Dominica annually for the past 7 years. They visited Dominica from April 12 – 15, 2012; and visited some of our popular attractions such as Trafalgar Falls, Sulphur Spas and Carib Territory. ***French Tour Operators continued interest in Dominica***Dominica’s visibility in France continues to grow through targeted promotion to tour operators. At the recently concluded hike trade show in Paris, Destinations Nature, over half a dozen tour operators expressed keen interest in offering hiking packages to Dominica. Leading tour operator Nouvelles Frontieres is interested in offering adventure packages to its client commencing this winter. Nomade Aventure, which specializes in trekking claims that Dominica is its second best island destination after Reunion Island. Requests for information on hiking the Waitukubuli National Trail have also increased. For more information on Dominica, contact Discover Dominica Authority at 767 448 2045. Or, visit Dominica’s official website: www.discoverdominica.com or follow Dominica on Twitter and Facebook and take a look at our videos on YouTube.Press Release Sharing is caring! Sharecenter_img LocalNews Discover Dominica Authority News Update for the week ending Friday April1 20th 2012 by: – April 23, 2012 Tweet 16 Views   no discussionslast_img read more

Galvez admits COVID response shortcomings

first_imgGalvez, the chief implementer of the national policy against COVID-19, said Filipinos’ behavior and the influx of returning overseas workers are among the factors behind the Philippines’ COVID-19 situation. “Sa ating bagong national action plan phase 2, inaayos po namin ‘yung mga challenges saka ‘yung mga naging shortcomings natin. Inaamin na mayroong mga shortcomings, ‘yun ang mga challenges na inaayos po namin ngayon,” he added. “Ang medyo mahirap na nakita natin dito is that ‘yung behavioral culture ng mga tao natin, nakita natin ang daming mga violations,” Galvez said in Palace virtual press conference in Quezon City. “As a nation, we were not able to prepare ‘yung ating mga health facilities,” Galvez said. “The country’s healthcare capacity was supposed to have taken up three to four administrations to build up.” Galvez also said that the surge of returning Filipino migrant workers and of people wishing to leave the cities for the provinces amid the pandemic as “collateral challenges” the government has had to face. “Inaamin na mayroong mga shortcomings, ‘yun ang mga challenges na inaayos po namin ngayon,” he added,” says Secretary Carlito Galvez, the chief implementer of the national policy against coronavirus. OPAPPcenter_img The Filipinos’ behavior Galvez was pertaining to was in the provinces where level of observance of health standards is lower as people do not observe social distancing and also hold “buffets” and “celebrations.” “The government aims to educate informal settlers, who are vulnerable due to their living conditions, on minimum health standards. Hanggang walang self-awareness ang tao natin, tataas nang tataas ang kaso po natin,” Galvez said. MANILA – There was indeed “shortcomings” in the government response to coronavirus disease 2019 (COVID-19) pandemic in the country, Secretary Carlito Galvez acknowledged Thursday.  As of Wednesday afternoon, the national case total is 85,486, with nearly 27,000 recoveries and more than 1,900 deaths./PNlast_img read more

Beatrice preps for July 29 Gage County Fair special

first_imgBEATRICE, Neb. – IMCA Modifieds race for $1,000 to win and a berth on the 2019 Fast Shafts All-Star Invitational ballot at Beatrice Speedway’s Sunday, July 29 Gage County Fair special.Completing the card are IMCA Sunoco Stock Cars, IMCA Sunoco Hobby Stocks and Karl Chevrolet Northern SportMods, all running for $500 to win, and Mach-1 Sport Compacts in a $250 to win feature.There is no entry fee for the draw/redraw show. IMCA Speedway Motors Weekly Racing National, regional and Nebraska State, but no local track points will be awarded.Spectator admission is $10 for adults, $5 for kids ages 6-11 and free for five and under. Pit passes are $30.Pit gates open at 4 p.m. and the grandstand opens at 4:30 p.m. Hot laps are at 5:30 p.m. and racing starts at 6 p.m.More information is available by calling 402 239-9073.last_img read more