Jakarta, CNBC Indonesia – Business competition in the transportation sector is increasingly fierce, with the presence of ride-hailing services. The tight competition made the financial performance of online taxi service providers worse off.
The performance of the taxi service provider company, PT Blue Bird Tbk (BIRD) in the first quarter of 2018, as reported by the company, is increasingly depressed. During the period, the company posted a decline in net profit of 15.79% to Rp 98.92 billion, compared to the same period in 2017 which reached Rp 117.47 billion.
The decline in profit occurred in line with the decline in income in the first quarter of 2018 by 973.37 billion compared to 2017’s profit of Rp 1.03 trillion. Revenues decreased, due to taxi revenues in 2018 falling by 7.39% to Rp 786, 59 billion compared to last year’s Rp 849.37 billion.
Revenues in vehicle rental in 2018 also fell 3.20% to Rp. 195.14 billion compared to last year’s Rp. 201.87 billion.
Even though the company’s direct burden dropped by 2.39% to Rp 714.7 billion compared to last year’s 732, 23 billion. Operating expenses in 2018, rose 4.30% to Rp. 139.40 billion compared to last year’s Rp. 133.66 billion.
The company’s assets in 2018 rose 1.86% to Rp 6.64 trillion compared to last year’s Rp 6.51 trillion. The level of company liabilities in 2018 rose 1.38% to Rp 1.61 trillion compared to last year’s Rp 1.59 trillion.