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Astra posts profit despite slump in car sales

Sales are projected to pick up in second quarter as businesses are expected to resume expansion.

Riska Rahman (The Jakarta Post)
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JAKARTA
Wed, May 1, 2019

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Astra posts profit despite slump in car sales The all-new Honda Civic is displayed at the Indonesia International Motor Show in Jakarta. (The Jakarta Post/Ricky Yudhistira)

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iversified conglomerate PT Astra International and its subsidiary PT Astra Otoparts have booked profits in the first quarter despite sluggish car sales.

Both companies faced challenges in the first quarter as the country’s car sales decreased 13 percent. “Our car sales were also down 5 percent to 134,000 units last quarter because of the sales slump,” Tira Ardianti, Astra International’s investor relations head, told reporters last week.

This business environment, she said, had affected its automotive business as the line’s profit decreased 10 percent during the period. However, its subsidiary Astra Otoparts, which produces car parts, saw an increase in revenue and profit.

Director Wanny Wijaya said revenue rose 2.74 percent to Rp 3.94 trillion (US$277.5 million), while profit rose 9.15 percent to Rp 159.36 billion during the first three months of the year.

She expressed hope that the company’s sales would grow in the second quarter in which car sales were projected to pick up. As a major producer of car parts, 55 percent of its sales come from spare parts for automobiles.

Wanny said the slump was partly caused by the presidential and legislative elections in which many business players were in wait-and-see mode. They are now expected to resume business expansion.  

She, however, refused to go into detail on how much growth the company could achieve this year. “We expect our business to grow at least above the automobile industry,” she said.

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