JAKARTA (TheInsiderStories) – Indonesian taxi operator, PT Blue Bird Tbk (IDX: BIRD) prepared capital expenditure (capex) of Rp1.5 trillion (US$ 107.14 million) for this year, said the official. This fund will be used to procure new taxi fleets and a buy a number of electric cars.
Spokesman of BIRD Michael Tene said, by this investment the company aimed to add 3,000 taxi fleets in this year. The company currently has 28,000 fleets consisting of 21,000 regular taxis, 1,000 executive taxis and the buses with 70 percent taxi utilization rates by the end of December 2018.
In addition, this investment will also be used to prepare inter-provincial city transportation. Currently, Blue Bird operates a shuttle for Jakarta-Bandung destinations.
The company also prepares airport transportation at Jakarta Airport Connexion, a shuttle from several points in Jakarta and surrounding areas to Soekarno-Hatta Airport.
He explained, the potential of Shuttle business is positive, especially as affected by the Elevated Cikampek Toll Road will be completed in mid-2019.
It will make travel to Bandung or Central Java more comfortable than now.
Previously, BIRD formed a new subsidiary engaged in the business of transportation, warehousing, postal, and courier named PT Trans Antar Nusabird. This new company was formed by Blue Bird and its other subsidiaries, PT Big Bird Pusaka.
Based on the disclosure at the Indonesia Stock Exchange, Blue Bird and its subsidiary injected authorized capital worth Rp400 billion. The taxi operator holds 99.9 percent in Trans Antar Nusabird shares or equivalent to 109,890 shares with a nominal value of Rp109.89 billion.
While Big Bird Pusaka holds the remaining shares with a percentage of 0.1 percent or equivalent to 110 shares with a nominal value of Rp110 million.
With the investment and establishment of new subsidiaries, the company hopes to survive in the midst of competition with motorcycle and taxis online. Blue Bird is also open for opportunities to grow through cooperation with a number of online taxi operators.
For the record, Blue Bird collaborated with GO-JEK with Go-Blue Bird in March 2017. Although it has not been able to boost the value of Blue Bird’ earnings and stock prices, the move succeeded in reducing the decline in performance.
The transportation provider recorded revenues of Rp3.11 trillion in the the third quarter of 2018, slightly down 0.64 percent from previoys year. But in term of profit rose 10.77 percent to Rp 334.67 billion.
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