Indonesia Companies Gripped by Virus Warn Earnings May Fall 75%
- Astra, Bank Central Asia among firms flagging profit hit
- Mobility curbs hammered sales, disrupted factory operations
A security guard checks the temperature of a worker before entering the Pasar Senen market in Jakarta, Indonesia, on July 8, 2020.
Photographer: Dimas Ardian/BloombergIndonesian companies are warning investors to brace for yet another quarter of missed earnings as they continue to reel from the economic impact of the biggest outbreak of the coronavirus in Southeast Asia.
The pandemic has hurt sales, from cigarettes to cars and luxury condos, in Southeast Asia’s largest economy after social distancing measures were introduced in March to contain the virus. Companies are now warning of a plunge in profit and revenue between 25% and 75% in the first half after more than 600 firms making up the Jakarta Composite Index of stocks saw earnings tumble 42% in the first quarter, the worst since the final quarter of 2018.