Indofood Sukses Makmur (INDF), the largest food company in Indonesia, booked net profit of Rp4.14 trillion last year, jumped by almost 40% from 2015, but mostly due to substantial decline in finance costs. The group’s sales revenues grew only 4.2% last year with even weaker growth of 2.2% in the last quarter of 2016.

PT Tower Bersama Infrastructure (TBIG) Tbk, co-owned by Saratoga Group and Provident Group, reported 8.5% growth in sales revenues to Rp3.7 trillion last year, thanks to double digit growth from Telkomsel, subsidiary of state-owned PT Telkom Tbk (TLKM). TBIG’s growth was smaller than Sarana Menara Nusantara (TOWR), controlled by Djarum Group, which grew 13.1% to Rp5.05 trillion because of acquisition of towers from XL Axiata.

President Joko ‘Jokowi’ Widodo kicked off development of trans-Sumatra toll road program about two years ago with the construction of the long 141-KM Bakauheni-Terbanggi Besar turnpike. Progress was pretty slow in the beginning with construction progress of 1.2% by March 19, 2016. As of March 17, 2017, however, nearly 26% has been built.

Physical construction of 10 low-cost apartment towers in Kemayoran, Jakarta, which will also be used as dormitory for athletes participating in next year’s Asian Games in Jakarta and Palembang has reached 66% as of this week. The apartments (7,428 units) will be completed gradually in June, July, and August 2017. The Rp3.4 trillion project will be able to accommodate around 22,000 people from low-income group or those to be relocated from slum areas in the capital city.

Flag carrier Garuda Indonesia (GIAA) booked net profit of US$8.1 million last year, crashed by 88% from 2015 due to a combination of factors, including the airline’s reluctance to streamlining operations and revamp the fleet management. Garuda failed to benefit from 18% fall in fuel costs due to persistent high cost of aircraft rental & charter, maintenance and overhaul, user charges and station, and finance cost.

Shares of Latinusa (NIKL), market leader for tinplates in Indonesia, advanced further this morning to make it one of the most expensive stocks on Indonesia Stock Exchange (IDX). Shares of Mandom Indonesia (TCID), key player in personal care market, meanwhile, were flat with thin trading volume.

Tough market has forced ceramic producer PT Intikeramik Alamasri Industri Tbk (IKAI) to suspend its production. Lyman Group, meanwhile, has recently expanded production capacity with US$70 million of investment. Arwana Citramulia (ARNA), another ceramic producer listed on Indonesia Stock Exchange (IDX), reported net profit of Rp90.48 billion last year, jumped approximately 30% from 2015 on strong sales growth.

Food processor Mayora Indah (MYOR) booked net profit of Rp1.36 trillion last year, an increase of 11.1% from 2015, thanks to strong performance in the fourth quarter. Mayora, which is among companies aggressively expanded production facilities and grow export market, reported 30.6% jump in net profit for the quarter.

Improved public infrastructure will likely grow tourism industry significantly in the coming years. Business players anticipate the growth with investments in the hospitality industry, especially hotels. Lariz Hotels & Resort Management is one of those hospitality players with rapid growth in the past two years. Established in 2015, Lariz Hotel now manages hotels and villa in several cities like Jakarta, Bogor, Bandung, and Makassar. Who’s behind the group?

PT Semen Baturaja Tbk (SMBR) has dropped 11.7% from its peak, but still considered the most expensive cement stock in the market. It is now traded with PE multiple 101.2 on its historical 2016 earnings, while market leader PT Semen Indonesia Tbk (SMGR) is traded with PE multiple 12. While sales revenues grew 4.2%, net profit collapsed 26.8% to Rp259 billion only last year.