PT Citra Maharlika Tbk (CPGT), previously Cipaganti, incurred a negative working capital of Rp321.65 billion per June 2016 with current ratio only 12.25%. It suffered loss of Rp76 billion in the period, recording deficit of balance of Rp144.1 billion. The reason is that the Company’s operating income dropped significantly as the fleet also declined.<\/p>\n

CPGT’s poor financial continues, with loss expanding from Rp17 billion in first half of 2015. The Company has stopped operation of bus for tourism and minimize the rental segment. Per June 2016, CPGT’s assets continued to decline to Rp203.19 billion, from Rp274.89 billion in March 31, 2016.<\/p>\n

By December 31, 2015, CPGT’s assets reached Rp332.1 billion. It dropped from Rp644.76 billion in December 31, 2014. The sale of units for guarantee of bank loan and leasing, to cut the outstanding debt, is the main reason for assets sharp decline since 2014.<\/p>\n

CPGT has defaulted on debts\u00a0payment to Bank CIMB Niaga, Bank Mandiri, Bank J Trust Indonesia. CPGT’s debts is guaranteed (personally) by Andianto Setiabudi who has been declared as a suspect. Now, the Company said, it is focusing on cost efficiency.<\/p>\n

Compared to peers, CPGT said that it still leads the market for shuttle and travel with market share of 30-35%. The total number of outlets reach 32 (for Bandung-Jakarta shuttle) and its routes 164. While other business units (taxi cab, heavyequipment, couries and tour & ticketing) have average market shares of less than 15%.<\/p>\n

But the major issue or problem for taxi operators in the country now is tight competition, as mobile-applications-based services like Uber, Grab, and Go-Jek contributed to the downfall in the conventional taxi operators. Blue Bird (BIRD) and Express Transindo (TAXI), two of the largest conventional taxi operators, have suffered from falling sales revenues and squeezed margins.<\/p>\n

BIRD reported a 48.4% decline in net profit to Rp230 billion for first half of 2016, as revenues fell 7.3% to Rp2.47 trillion and operating profit dropped 39% to Rp372 billion. While TAXI suffered loss of Rp43 billion in the period with revenues falling 26.7% to Rp374 billion.<\/p>\n

DISCLAIMER: AUTHOR HAS NO POSITION IN STOCKS MENTIONED<\/p>\n

By Yohannes Obor<\/p>\n

Copying, redistributing, and retransmitting this article is a violation of copyrights,<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

PT Citra Maharlika Tbk (CPGT), previously Cipaganti, incurred a negative working capital of Rp321.65 billion per June 2016 with current ratio only 12.25%. It suffered loss of Rp76 billion in the period, recording deficit of balance of Rp144.1 billion. The reason is that the Company’s operating income dropped significantly as the fleet also declined.<\/p>\n","protected":false},"author":311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/posts\/44396"}],"collection":[{"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/users\/311"}],"replies":[{"embeddable":true,"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/comments?post=44396"}],"version-history":[{"count":1,"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/posts\/44396\/revisions"}],"predecessor-version":[{"id":44400,"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/posts\/44396\/revisions\/44400"}],"wp:attachment":[{"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/media?parent=44396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/categories?post=44396"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/yosefardi.com\/wp-json\/wp\/v2\/tags?post=44396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}