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08-08-2014, 06:55 AM
http://www.businesstimes.com.sg/premium/...2-20140808
PUBLISHED AUGUST 08, 2014
Finance costs drag Gallant into the red in Q2
BYLEE MEIXIAN
leemx@sph.com.sg @LeeMeixianBT
A MORE than doubling of finance costs, from S$15.3 million to S$36.8 million, dragged Gallant Venture into the red in the second quarter despite revenue dipping just one per cent to S$554.3 million.
Gallant Venture, which in May last year acquired 52.35 per cent of PT Indomobil Sukses Internasional Tbk (Imas), yesterday posted a net loss attributable to equity-holders of S$12.1 million for April-June quarter, reversing from a net profit of S$8.5 million a year ago. Imas is one of Indonesia's two largest vehicle distributors.
Compensating factors in Q2 included a 4 per cent drop in cost of sales to S$471.3 million and an exchange gain of S$2.79 million, against an exchange loss of S$1.92 million a year ago. The revenue dip came as Imas' contribution dropped from S$559.2 million to S$554.3 million. The numbers were strictly not comparable as the year-ago period consolidated just two months of Imas' results.
Imas, which manages car brands such as Audi, Nissan, Renault, Suzuki, Volkswagen and Volvo, was hit by slower passenger car sales and the weakening of the rupiah against the Singapore dollar.
PUBLISHED AUGUST 08, 2014
Finance costs drag Gallant into the red in Q2
BYLEE MEIXIAN
leemx@sph.com.sg @LeeMeixianBT
A MORE than doubling of finance costs, from S$15.3 million to S$36.8 million, dragged Gallant Venture into the red in the second quarter despite revenue dipping just one per cent to S$554.3 million.
Gallant Venture, which in May last year acquired 52.35 per cent of PT Indomobil Sukses Internasional Tbk (Imas), yesterday posted a net loss attributable to equity-holders of S$12.1 million for April-June quarter, reversing from a net profit of S$8.5 million a year ago. Imas is one of Indonesia's two largest vehicle distributors.
Compensating factors in Q2 included a 4 per cent drop in cost of sales to S$471.3 million and an exchange gain of S$2.79 million, against an exchange loss of S$1.92 million a year ago. The revenue dip came as Imas' contribution dropped from S$559.2 million to S$554.3 million. The numbers were strictly not comparable as the year-ago period consolidated just two months of Imas' results.
Imas, which manages car brands such as Audi, Nissan, Renault, Suzuki, Volkswagen and Volvo, was hit by slower passenger car sales and the weakening of the rupiah against the Singapore dollar.