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Astra International revenue up 34% in H1
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Clouds roll in over the Astra International office tower in Jakarta in this undated photograph. (JP/Courtesy of Astra International)
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T Astra International has reported a 34 percent annual increase in revenue in the first half of this year, supported by surging commodity prices.
The diversified conglomerate booked Rp 143.7 trillion (US$9.58 billion) in revenue in the January-June period, up from Rp 107.4 trillion generated in the corresponding period last year, according to its latest financial report filed with the Indonesia Stock Exchange (IDX) on Thursday.
Astra Group has more than 230 subsidiaries in seven business segments, namely the automotive industry, financial services, agribusiness, property, infrastructure and logistics, information technology as well as heavy equipment, mining, construction and energy (HEMCE). It has reported growth in almost all of the sectors it operates in.
“[Astra’s] performance for the rest of the year is expected to remain strong, although the group is expected to still face an unstable and uncertain situation,” Astra president director Djony Bunarto Tjondro said in a press statement on Thursday.
The company’s net profit, when excluding fair value gains from investments in tech giant GoTo, increased 64 percent year-on-year (yoy) to Rp 14.5 trillion.
The heavy equipment, mining, construction and energy segment, which grew 131 percent yoy and contributes the lion’s share of Rp 6.2 trillion to the company’s net profit, benefited from high prices of mining commodities, including coal and nickel.
United Tractors, the heavy equipment distributor arm of Astra, reported a 129 percent net profit increase to Rp 10.4 trillion in the first half. The subsidiary company sold 2,873 units of Komatsu heavy equipment from January to June, with the mining sector contributing 61 percent to total sales.
