Blue Bird, A Taxi Company Owned By Conglomerate Purnomo Prawiro, Loses IDR 163 Billion In 2020

Blue Bird Taxi. (Photo: Doc. Antara)

JAKARTA - PT Blue Bird Tbk's performance in 2020 was hit by the COVID-19 pandemic. The taxi company coded as BIRD shares recorded billions of rupiah in losses that year.

Quoting Blue Bird's financial report, Wednesday, March 31, the company owned by conglomerate Purnomo Prawiro recorded a net income of IDR 2.05 trillion in 2020. However, this value has fallen by almost 50 percent from the acquisition in 2019 which was valued at IDR 4.05 trillion.

Revenue from taxi vehicles was still the largest contributor to IDR 1.54 trillion and the other largest contributor from vehicle rental worth IDR 520.94 billion. Then the income from the building lease amounted to IDR 4.47 billion and the auction commission contributed IDR 14.82 billion.

Direct expenses for BIRD also decreased by 42.03 percent from the previous IDR 2.95 trillion in 2019 to IDR 1.71 trillion. Thus, Blue Bird pocketed a gross profit of IDR 334.51 billion or shrank 96.94 percent from 2019.

In the operating expenses post, it was recorded at IDR 561.53 billion, down from IDR 371.95 billion in 2019. Also, BIRD interest expense increased by 29.43 percent from 80.86 billion to IDR 104.66 billion. The company also suffered losses on asset disposal of IDR 34.83 billion and other expenses of IDR 53.51 billion.

As a result, Blue Bird has to bear the current year's loss of IDR 163.18 billion. Even though in 2019 they still recorded a net profit of IDR 315.62 billion.

In terms of assets, Blue Bird recorded a decrease in total assets to IDR 7.25 trillion from the previous year which amounted to IDR 7.42 trillion. In detail, the company's total current assets increased to IDR 1.24 trillion, up from the 2019 position of IDR 938.7 billion.

The increase in current assets was mainly due to the company increasing its cash and cash equivalents position to IDR 798.85 billion, up from the 2019 position of IDR 462.94 billion.

The total non-current assets of the company with the Blue Bird symbol decreased to IDR 6.01 trillion from the 2019 position of IDR 6.48 trillion. This decrease was mainly due to a decrease in fixed assets which changed to IDR 5.66 trillion from the 2019 position of IDR 6.18 trillion.