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Jakarta Post

Astra earnings fall 49 percent as automotive recovers

  • Yunindita Prasidya

    Jakarta

Jakarta   /   Sat, October 31 2020   /  01:00 am
Leadership changes: Clouds roll in over the Astra International offi ce tower on Jl. Sudirman in Central Jakarta. The company agreed at its annual general shareholders meeting on Tuesday to appoint Djony Bunarto Tjondro as president director to replace Prijono Sugiarto, who has been appointed president commissioner.(JP/Courtesy of Astra International)

Diversified 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 mont...