PT Wahana Ottomitra Multiartha Tbk, the multifinance company, announced a 297% jump in net income of third quarter 2010 from IDR32 billion to IDR127 billion.
Wom Finance will do extraordinary meeting of shareholders and public expose on the performance on November 8, 2010 in Jakarta.
The multifinance company recorded a total financing volume rise 80% from 269,815 units to 485,660 units of vehicles. Financing value soared 96.8% from IDR2.88 trillion to IDR5.67 trillion.
The company's total assets also increased 26% from IDR2.59 trillion to IDR3.27 trillion as of September 2010. Total assets as of September 2010 have increased by 26%, or IDR681 billion compared with September 2009, mainly due to the increase in financing transactions of new consumers during 2010.
Revenue from consumer financing dropped 26% from IDR494 billion to IDR367 billion. In addition, allowance for doubtful accounts declined by 54% from IDR145 billion to IDR66 billion while net income jumped 297% from IDR32 billion to IDR127 billion.
Total liabilities as of September 2010 have increased by 24% or IDR540 billion from IDR2.17 trillion to IDR2.74 trillion compared to September 2009, the increase is mainly driven by the increase in bank loans and the issuance of medium term notes during 2010.
Wom Finance's return on assets rose from 1.2% to 3.9% while return on equity also rose from 10.4% to 28.3%. The gearing ratio of the company was corrected to 4.58% from 5.06%.The delinquency level as indicated from non-performing loan (NPL) was stable with a slight decline from 1.35% to 1.31%.
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