JAKARTA (TheInsiderStories) – Mitra Krakatau Pension Fund, one of indonesian taxi operator PT Express Transindo Utama Tbk (IDX: TAXI), requested a postponement of debt payment. This request arose because TAXI was unable to fulfill its obligations to pay interest on 2014′ bonds.
The requested sent to the Central Jakarta District Court on Dec. 6, said the operator on the information disclosure to Indonesia Stock Exchange (IDX) on Thursday (12/13). According to the spokeswoman of TAXI, Megawati Affan, the company is currently studying the information and examine the legal impact and consequences that will be faced by the company.
In the disclosure, Express stated that it had completed the approval for the restructuring of the 2014 through the bondholders meeting on Dec. 11. “We hope that the results will be well received,” she said.
Previously, IDX has suspended trading of Express share, as the company is late paying their bond interest. It is not the first time the bourse has suspended the taxi operator.
Previously, the Rajawali Corpora unit suspended cause delay to pay interest on March 26. However, the IDX revoked the suspension as TAXI paid the bond’s interest on April 2018.
At the same time, rating agency PT Pemeringkat Efek Indonesia downgraded the company rating bonds issued in 2014 to D from BB-. TAXI has issued bonds worth Rp1 trillion (US$71.43 million) with a coupon of 12.25 per cent per annum that are due to June 24, 2019.
Express posted a Rp108.88 billion loss in the first quarter of this year, it almost doubled from the Rp58.53 billion loss in the first quarter of last year. The loss is due to a decrease in revenue to Rp62 billion in the first quarter of 2018, down by 20.82 per cent from Rp78.32 billion in the first quarter of 2017.
Meanwhile, direct expenses were recorded down 8.87 percent for the first three months of this year to Rp110.27 billion compared to the first three months of last year, at Rp121 billion. However, general and administrative expenses rose to Rp20.49 billion from Rp12.94 billion.
The company assets were down 3.74 percent to Rp1.9 trillion in the first quarter of this year compared to Rp 2 trillion in the first quarter last year.
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