The Ministry of Energy and Mineral Resources (ESDM) gave the Adikoesoemo family’s PT AKR Corporindo Tbk avtur trading rights. So ended PT Pertamina’s monopoly of avtur trading in Indonesia. It seems to be a development following the rise of airfares last month because of Pertamina’s avtur tariff.

PT Chandra Asri Petrochemical Tbk (TPIA), the largest petrochemical company in Indonesia, booked net profit of US$181.65 million last year, crashed 43% from 2017 mainly due to squeezed margins from higher average price of naphtha and depreciation of rupiah. Pressures were stronger in the last quarter of 2018.

Taxi market leader BlueBird (BIRD) has reportedly tested some units of BYD e6 in Indonesian roads as part of the group’s commitment to support clean air initiatives in major cities. Rumours were swirling around that BlueBird had ordered 100 units of BYD e6, an EV produced by BYD (China), which is currently bigger than Tesla. 

Indofood CBP Sukses Makmur (ICBP), subsidiary of Salim Group’s Indofood Sukses Makmur (INDF), is currently among the largest companies listed on Indonesia Stock Exchange (IDX) with market value of Rp121 trillion or around US$8.6 billion. This Company, market leader for instant noodles, booked net profit of Rp4.58 trillion last year, an increase of 20.5% from 2017. 

PT Indocement Tunggal Prakarsa (INTP) Tbk, the second largest cement player, booked net profit of Rp1.15 trillion last year, dropped 38% from 2017 due to squeezed margins. The Company generated sales revenues of Rp15.2 trillion last year, an increase of 5.26% from 2017, while operating profit declined by nearly 43% to Rp1.07 trillion.

In a relatively short period of time, Hengjaya Nickel Project, co-owned by ASX-listed Nickel Mines Ltd and Shanghai Decent (member of Tsingshan Steel Group), has started production of nickel pig iron (NPI) in the Indonesia Morowali Industrial Park (IMIP), Central Sulawesi province. Nickel Mines Ltd informed ASX this week that the second kiln has been commissioned and has produced its first NPI.

Coal miner Mitrabara Adiperdana (MBAP) booked a net profit of US$50.3 million in 2018, declined 13.8% from US$58.6 million in 2017. Sales reached US$258 million, flat growth year on year (y/y) while the cost of sales rose 9.8% to Rp157 million from earlier US$143 million. The gross profit fell 12% to US$101 million. Operating profit also declined by 14% to US$67.3 million from US$78.6 million.

Pharmaceutical firm Phapros (PEHA) booked profit attributable to owner of Rp132.3 billion in 2018, grew 5.6% from Rp125.2 billion in 2017. Net sales inched up 2% to Rp1.02 trillion, and the cost of goods sold rose 6.8% to Rp440 billion. The Company also recorded higher general and administrative expenses (Rp120 billion), and higher finance charges (Rp40 billion). It also booked other income of Rp30 billion.

Jakartans have shown their high enthusiasm in riding the first Mass-Rapid Transit (MRT) in the country. Tickets for free ride in two weeks of trial operation starting Tuesday (Mar 12) have all been taken. Some have decided to reduce driving cars and moving to the modern mass transportation, which will have huge impact to the economy in the long-run.