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Conglomerate Astra International books 63% net profit growth in Q1
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Members of the Astra International board of directors attend a media briefing held to commemorate the firm’s 60th anniversary in Jakarta on Feb. 24. (JP/Prima Wirayani)
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ublicly listed diversified conglomerate PT Astra International has booked soaring net profits during this year's first three months, supported by growth in almost of all of its business lines.
The firm's net profits jumped by 63 percent year-on-year (yoy) to Rp 5.1 trillion (US$382.5 million) as of March, while its net revenues climbed by 16 percent yoy to Rp 48.8 trillion.
Almost all of its seven segments expanded, except information and technology and infrastructure and logistics.
"Going forward, Astra Group hopes to benefit from Indonesia's continuing economic growth, supported by higher commodity prices, although the automotive business is projected to face tighter price competition," Astra president director Prijono Sugiarto said as quoted in an official statement circulated on Thursday.
(Read also: Astra International prepares Rp 15t of capex this year)
The automotive sector saw its net profits jump by 45 percent yoy to Rp 2.3 trillion, mainly caused by successful new car sales.
Its financial segment, which dragged the conglomerate down last year, booked a 75 percent growth of net profits to Rp 1.1 trillion.
At the same time, the infrastructure and logistics bottom line dropped by 3 percent yoy to Rp 67 billion while the information and technology segment plummeted by 23 percent to Rp 26 billion, the official statement reads. (bbn)
