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View all search resultsAstra earnings fall 49 percent as automotive recovers
While Southeast Asia's largest conglomerate has seen an overall decline in core earnings across all divisions, it may be looking to a new dawn in its automotive segment come the fourth quarter.
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iversified conglomerate PT Astra International has seen a significant decline in its revenue and net profit in the first nine months of the year as a result of the economic impacts of COVID-19 across all business segments. Most notably, its automotive segment has seen losses subside, while its property and agribusiness segments have made gains.
The company’s revenue fell 26 percent year-on-year (yoy) as of Sept. 30 to Rp 130.35 trillion, from the Rp 177.04 trillion it booked during the first nine months of 2019.
Its core net profit, which excluded the earnings it made from selling its shares in Bank Permata, declined 49 percent yoy to Rp 8.16 trillion. Including the earnings from the Bank Permata shares sale, Astra International recorded a 12 percent decline in net profit to Rp 14.04 trillion.
“Astra group’s overall performance during the first nine months of 2020 is lower [than] the same period last year, mainly as a result of the COVID-19 pandemic,” Astra International president director Djony Bunarto Tjondro said in a press release on Monday.
Djony noted that even so, the group’s third-quarter performance showed some improvement from the second quarter due to the easing of some coronavirus-related restrictions. However, the economic impacts of the health emergency would linger, he added.
“This pandemic, and the steps taken to contain its effects, is expected to continue for some time to come, and will still affect the group’s performance until the end of this year,” he said.
The Astra Group consolidates more than 235 subsidiary companies under seven business segments: automotive; financial services; heavy equipment, mining, construction and energy; agribusiness; infrastructure and logistics; information technology; and property.
