- Retail: Purchasing power plummeted, performance slumped
Indonesian Retail Companies Association (Aprindo) projected modern retail performance to grow by 4.8%-4.9% in 1H24. Meanwhile, it is expected to stagnate or even weaken in 2H24. This is caused by the decline in purchasing power due to layoffs and rising food commodity prices. Furthermore, the salary of the middle-class group has not increased in line with inflation and price fluctuations, which causes them to withhold spending. (Kontan) - FREN still recorded a loss of IDR 473.76B in 1H24
Smartfren Telecom (FREN) recorded a net loss of IDR 473.76B in 1H24 (-12% yoy). This was in line with the slight increase in business revenue to IDR 5.57T in 1H24 from IDR 5.56T in 1H23. The data telecommunications services segment contributed IDR 4.96T, followed by the non-data telecommunications services segment of IDR 214.8B, as well as the interconnection services business and others of IDR 137B and IDR 256.1B, respectively. (Bloomberg) - ITMG’s net profit declined 57.9% yoy in 1H24
Indo Tambangraya Megah (ITMG) generated a revenue of USD 1,050M in 1H24 (-19% yoy). The Company sales volume has reached 10.8 Mt (+9% yoy) while the coal ASP decreased by 27% yoy following the coal price normalization. In line, ITMG reported a net profit of USD 129M in 1H24 (-57.9% yoy). (ITMG)