2Q18: Downbeat Margin
ANTM posted 2Q18’s sales of IDR6.08 trillion (+6% q-q or +347% y-y). On the cumulative basis, 1H18’s revenue reached IDR11.85 trillion (+292.4% y-y). Meanwhile, 2Q18’s net profit was IDR99 billion vs. 1Q18’s net profit of IDR246 billion (-60% q-q). Meanwhile, its EBT margin was 3.3% (vs. 5.5% in 1Q18) and net profit margin was 1.6% (vs. 4.3% in 1Q18).

2Q18: Bottom Line Constrained by the U.S. Dollar
Its finance costs amounted to IDR190 billion soaring 120% q-q (vs. IDR86 billion in 1Q18). The biggest contributor is the interest expense of long-term debt and bonds debt interest. Furthermore, the loss of forex gain was IDR173 billion soaring 122% (vs. IDR78 billion in 1Q18). 72% of its total debt was in the U.S. dollar denomination sensitive to the trend of rupiah depreciation.

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