JAKARTA (TheInsiderStories)— The Indonesia Stock Exchange (IDX) suspended trading of the taxi company PT Express Transindo Utama Tbk (IDX: TAXI) share as the company is late to pay bonds interest.

“IDX decided to temporarily suspend the trading of TAXI and TAXI01 shares and bonds,” Head of Corporate Assessment Division I of IDX Gede Nyoman Yetna said in the information disclosure on Monday (25/06) by adding the trading of both TAXI and its bonds were suspended in all markets until further announcement.

It is not the first time IDX suspended the taxi company trading share due to failure to pay its bond interest which was due on March 26, 2018. However, the IDX revoked the suspension as TAXI paid the bond’s interest on April 2018.

At the same time, Credit rating agency PT Pemeringkat Efek Indonesia (PEFINDO) downgraded TAXI 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.

PEFINDO also downgraded the company’s corporate rating to selective default from BB-. It means the company failed to pay one or more of their financial obligation but will continue to make payment on other obligations.

TAXI posted Rp108.88 billion in a loss in the first quarter of this year, it almost doubled from Rp58.53 billion 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

Revenue decreased as income from taxi service dropped by 21.47 per cent to Rp54.04 billion in the first quarter of 2018 from Rp68.81 billion in the first quarter of last year. In addition, the spare parts revenue also significantly decreased 89.84% in the first quarter this year 2018 to Rp251.66 million compared to the same period last year of Rp2.48 billion.

Meanwhile, direct expenses were recorded down 8.87 percent in the first three months of this year to Rp110.27 billion compared to the first three months last year of Rp121 billion. However, general and administrative expenses rose to Rp20.49 billion from Rp12.94 billion.

Company assets 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.

Email: fauzulmuna@theinsiderstories.com