PT Express Transindo Utama Tbk (TAXI) plans to sell assets and lay off employees. Cause, decreased operational performance marked by decreased income.

Noted, in June 2017, Express only managed to book revenues of Rp 158.73 billion. This figure is down 58 percent from the same period in 2016 amounting to Rp 374.06 billion.

The decrease in income is due to the low level of utility alias the acquisition rate of passengers. In addition, the presence of online taxis that make the passengers switch to the transport.

“Taxi fleet utility rates are decreasing due to switching to application-based transportation services,” TAXI management said in a letter to the Indonesia Stock Exchange (IDX) on Wednesday (4/10).

The company also plans to sell 136 units of taxi fleet and 1 unit of bus. With the realization of funds obtained by the Company from the sale of the fleet is around Rp 2.5 billion and the remaining Rp 3.5 billion will be realized in the next period.

Later, the proceeds of the sale will mostly be used to reduce long-term liabilities, as well as to support business and operational activities