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Car sales drive up Astra International revenue 28% in Q3
A luxury tax (PPnBM) cut on cars boosted sales in the third quarter.
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Clouds roll in over the Astra International office tower on Jl. Sudirman in Central Jakarta. (JP/Courtesy of Astra International)
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iversified conglomerate PT Astra International booked 28 percent annual revenue growth as of the third quarter this year on the back of higher automotive sales, aided by a luxury tax (PPnBM) cut for new cars.
The publicly listed company reported Rp 167.4 trillion (US$11.8 billion) in revenue in the January to September period this year, up from Rp 130.34 trillion in the same period last year, according to the company’s financial report.
"The group's overall performance improved in the first nine months of 2021, supported by strong automotive sales volumes and higher commodity prices," said Astra International president director Djony Bunarto Tjondro in an official statement on Thursday.
Astra sold 344,000 cars as of the third quarter this year, a 79 percent increase from last year, bringing its market share to 55 percent. Meanwhile its two-wheeler sales increased 26 percent to 2.9 million units over the same time period.
The company's net profits slightly increased by 6.7 percent year-on-year (yoy) to Rp 14.97 trillion as of the third quarter. Automotive sales contributed the biggest portion of net profits at Rp 5.5 trillion.
Read also: Astra International revenue up 19.6% in H1 on strong auto sales growth
The PPnBM cut, which was introduced in March, has been both expanded to include bigger cars and extended until December to support domestic automakers.
