Express Transindo: Posts 73% decline in 2015 net profit
Express Transindo booked 2015 revenue of Rp970b, up by 9.0% yoy (+17.9% qoq). The company also booked better-than-expected gross margin of 35.2% compared with consensus expectation of 24.35%. However, the higher-than-expected operating expenses and 33.5% increase in interest expenses resulted in TAXI’s net margin deteriorating from 13.4% in 2014 to only 3.3% in 2015. Thus, 2015 net profit came in at Rp32b, down by 72.8% yoy but up 8.5% qoq. The result represents 50.3% of consensus’ full-year estimate.