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Astra International revenue up 19.6% in H1 on strong auto sales growth
Diversified conglomerate Astra International has reported solid revenue growth in the first half of this year, helped in part by a government incentive for the purchase of new cars and strong coal prices.
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A worker assemblies car parts at an Astra International factory. (Astra/File)
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T Astra International has reported a 19.6 percent annual increase in revenue in the first half of this year, helped in part by a government incentive for the purchase of new cars.
The diversified conglomerate booked Rp 107.39 trillion (US$7.43 billion) in revenue in the January-June period, up from Rp 89.79 trillion generated in the corresponding period of 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.
“Although business conditions have improved, the group’s performance will still be challenged until the end of the year amid the pandemic,” Astra president director Djony Bunarto Tjondro said in a press statement on Thursday.
The automotive segment, which grew 30 percent year-on-year (yoy) to contribute the lion’s share of Rp 43.61 trillion to the company’s revenue, benefited from a strong market rebound as overall nationwide sales of cars and motorcycles increased 51 percent and 30 percent yoy, respectively.
Car sales rose sharply earlier this year on the back of a temporary reduction in the luxury tax to encourage consumer spending during the coronavirus pandemic.
