Tunas Ridean 1Q profits up

JAKARTA (JP): Publicly listed motor vehicle distributor PT Tunas Ridean posted net income of Rp 26 billion (US$3 million) in the first quarter of this year, compared to Rp 800 million in the same period last year.

"First quarter results surpassed our Rp 15 billion forecast," the company said attributing the good performance to improved sales and increased consumer financing.

The company said earlier this week it had net revenues of Rp 349 billion in the first three months of the year, up from Rp 96 billion in the same period last year.

The company said the country's motor vehicle industry was recovering, owing to the availability of vehicle financing that was supported by the stable interest rate environment. (udi)