Indonesian Earnings Mixed
Mixed Fortunes for Indonesian Firms in Half-Year 2026 Earnings Reports
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Key Points
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Manggung Polahraya Tbk's half-year sales plunged to IDR 6,552.48 million from IDR 25,298.95 million a year earlier, with a net loss of IDR 7,223.58 million (vs. 2,377.5 million a year ago); continuing operations basic loss per share rose to IDR 1.89 from IDR 0.62.
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Saptak Chem and Business Limited reported a first-quarter net loss of INR 0.485 million, down from INR 0.59 million a year ago, but basic and diluted loss per share from continuing operations rose to INR 0.16 from INR 0.05.
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Tower Bersama Infrastructure Tbk's half-year sales edged up to IDR 3,460,331 million from 3,450,626 million, with net income increasing to IDR 835,932 million from 822,646; basic earnings per share from continuing operations rose to IDR 37.4 from 36.87.
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Bank Capital Indonesia Tbk reported stronger results with net interest income rising to IDR 348,175 million from IDR 250,871 million and net income increasing to IDR 54,133 million from IDR 37,546; basic and diluted EPS from continuing operations rose to IDR 2.71 from IDR 1.88.
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Panin Sekuritas Tbk achieved higher revenue of IDR 163,682.61 million vs 159,116.59 million, but net income fell to IDR 17,240.33 million from 36,364.4 million; basic EPS from continuing operations dropped to IDR 24.23 from IDR 51.11.
Four Indonesian firms and one Indian company released mid-year earnings for the period ending June 30, 2026, revealing a deeply split picture. PT Tower Bersama Infrastructure Tbk and PT Bank Capital Indonesia Tbk posted solid gains, while PT Manggung Polahraya Tbk suffered a dramatic sales collapse, according to MarketScreener.
Manggung Polahraya's sales plunged 74% to IDR 6,552 million from IDR 25,299 million a year earlier. The company swung to a net loss of IDR 7,224 million. That compares to a loss of just IDR 2,378 million in the same period last year, per MarketScreener.
Manggung Polahraya's Sales Collapse Signals Construction Sector Strain
Manggung Polahraya specializes in roads, bridges, and buildings. The firm listed on the Indonesia Stock Exchange in January 2024 at IDR 100 per share. A dry spell of new infrastructure projects has hammered its concrete and asphalt operations. Basic loss per share worsened to IDR 1.89 from IDR 0.62 a year ago, according to MarketScreener.
Majority shareholder Mohamad Reza Pahlevi holds 54.56% of the company's shares. The low public float of just 20% leaves retail investors highly exposed. Independent analysts warn that continued project delays could freeze the firm's cash flow entirely, forcing it to seek capital injections or sell assets to survive.
Tower Bersama and Bank Capital Post Strong Half-Year Gains
PT Tower Bersama Infrastructure Tbk posted half-year sales of IDR 3,460,331 million, up slightly from IDR 3,450,626 million a year earlier. Net income rose to IDR 835,932 million from IDR 822,646 million. Basic earnings per share climbed to IDR 37.40 from IDR 36.87, according to MarketScreener.
PT Bank Capital Indonesia Tbk delivered even stronger growth. Net interest income — the money a bank earns from loans minus what it pays on deposits — jumped 39% to IDR 348,175 million. Net income rose 44% to IDR 54,133 million. Basic earnings per share climbed to IDR 2.71 from IDR 1.88 a year ago. The bank is backed by Swiss banking giant Julius Baer, which holds a 24% stake.
Panin Sekuritas Revenue Rises but Profits Fall More Than Half
PT Panin Sekuritas Tbk grew total revenue to IDR 163,683 million from IDR 159,117 million. But net income collapsed 53% to IDR 17,240 million from IDR 36,364 million. Basic earnings per share fell to IDR 24.23 from IDR 51.11 a year earlier, according to MarketScreener.
The profit drop coincided with the resignation of President Commissioner Mumin Ali Gunawan, who submitted his letter on June 26, 2026. Analysts say the exit may be part of an emergency corporate overhaul. A weakening rupiah — which fell past IDR 18,055 per US dollar in early July — hurt retail trading volumes and dragged down the firm's brokerage returns. The company must now get regulator approval to name a replacement.
Indian Micro-Cap Saptak Chem Trims Losses Under New Leadership
India's Saptak Chem and Business Limited reported a first-quarter net loss of INR 0.485 million for the period ending June 30, 2026. That narrowed from INR 0.59 million a year ago. New Managing Director Ayush Vinod Kumar Tated was appointed in January 2026 and has pushed strict cost cuts, according to MarketScreener.
Despite the smaller overall loss, basic loss per share from continuing operations worsened to INR 0.16 from INR 0.05 a year earlier. The company reported zero core revenue for the quarter. Independent analysts flag the lack of any business revenue as a serious structural problem, even as management points to the narrowing losses as a sign of progress.
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