WOM Finance profit tripled
Automotive financing firm PT Wahana Ottomitra Multiartha (WOM Finance) Tbk, a subsidiary of Bank International Indonesia (BII) reported net profit of Rp60.7 billion last year, tripled from Rp20.7 billion in 2008 despite lower
WOM Finance booked net revenues of Rp1.35 trillion, declined 7.3% from 2008, mainly because of lower sales of cars and motorcycles in Indonesia. But the company managed to cut its expenses by 11.3% to Rp1.26 trillion, thanks to lower financing costs. As a result, WOM Finance recorded profit before tax of Rp92.6 billion against Rp38 billion in 2008.
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