PT Bentoel Internasional Investama Tbk (RMBA), a company controlled by cigarette giant British American Tobacco Inc, reported gross profit of Rp728.3 billion in the first quarter of 2019, nearly doubled from the corresponding period of 2018, thanks to strong sales revenue growth. 

State-owned construction firm PT PP (PTPP) booked profit attributable to owner of Rp176 billion in the first quarter (Q1) of 2019; it grew 12.5% from Rp156 billion in the corresponding period of 2018. Revenues rose 34.9% to Rp 4.97 trillion from previous Rp3.68 trillion. The Company booked gross profit of Rp659 billion, an 18% growth year on year (y/y), and operating profit grew 32.4% to Rp449 billion, a 32.4% growth y/y.

Gudang Garam (GGRM) has taken over cigarette market leadership from HM Sampoerna (HMSP), thanks to its stronger performance in the first quarter of 2019. Unlike Sampoerna, whose sales revenues were flat at Rp23 trillion, Gudang Garam enjoyed strong growth of 19.2% to Rp26.2 trillion. 

State coal miner Bukit Asam (PTBA), subsidiary of state mining giant INALUM, booked a net profit of Rp1.15 trillion in the first quarter (Q1) of 2019, declined 21.9% from Rp1.47 trillion in the corresponding period of 2018, as revenues fell 7.1% to Rp5.3 trillion from previous Rp5.75 trillion. Cost of revenue also declined by 12.4% to Rp3.56 trillion from earlier Rp3.16 trillion.

Bank Tabungan Negara (BBTN) booked a net profit of Rp723 billion in the first quarter (Q1) of 2019, grew 5.67% from Rp684 billion in the corresponding period of 2018, supported by the growth of interest income.

The Toll Road Authority (BPJT) said President Joko ‘Jokowi’ Widodo has set a record of completing construction of 949 KM of toll road during his presidency (4.5 years), longer than his predecessors combined (784.7 KM in 1974-2014). It is a big disappointment, however, that Jokowi lost with big margin in South Sumatra and Riau, where two of the longest toll roads are being built.

Some listed firms engaging in mining claimed that they realized an improved business in the first quarter (Q1) of 2019 inline with the improving production and sales operations. State tin producer Timah (TINS) produced around 21,600 tons of stannum (sn) in Q1 this year, jumped 389% year on year (y/y) supported by the reduced illegal mining since last year.

The campaign team of Prabowo Subianto-Sandiaga Uno continues to criticize infrastructure development by President Jokowi. They mainly pointed to low utilization of Kertajati international airport in Majalengka, West Java. Jokowi’s camp, however, defends the project, which actually started by his predecessor SBY.

After years of fights against illegal, unregulated, and unreported fishing (IUUF), Indonesia might have started to harvesting. Indonesia’s total export of fisheries reached US$4.89 billion last year, an increase of 8.18% from 2017, and is set to grow further, double-digit, this year onwards. Indonesia exported 113,156 tons of tuna fish in 2014, but by 2017 export volume already reached 198,100 tons, according to data from ministry of fisheries.