Astra books 121% surge in net revenue<\/p>\n
JAKARTA (JP): Publicly listed automotive conglomerate PT Astra
\nInternational announced on Tuesday its first-half net revenue
\njumped 121 percent to Rp 12.9 trillion (US$1.55 billion) from Rp
\n5.84 trillion in the same period last year.<\/p>\n
But the company said the appreciation of the U.S. dollar
\nagainst the rupiah had increased "miscellaneous expenses",
\ncausing the company to suffer a net loss of Rp 702 billion in the
\nfirst half of this year, compared to a net profit of Rp 1.53
\ntrillion in the same period in 1999.<\/p>\n
"Although we had a net loss, we are still thankful Astra's
\ncash flow is quite good, particularly from operations. We will
\ncontinue to maintain this position to anticipate various
\npossibilities, both in the short and medium term," said Astra
\npresident T.P. Rachmat in a press statement.<\/p>\n
The company said miscellaneous expenses jumped 133 percent to
\nRp 2.47 trillion from Rp 1.06 trillion in the same period last
\nyear. The increase was mainly due to the appreciation of the
\ndollar against the rupiah, which fell from Rp 6,726 per dollar at
\nthe end of June 1999 to Rp 8,735 at the end of June 2000.<\/p>\n
"Most of the forex loss is unrealized," the press release
\nsaid, providing no further details.<\/p>\n
Dollar-denominated debt increased Astra's exposure to the
\nfluctuations of the rupiah against the dollar.<\/p>\n
Astra said the largest contributor to the surge in net revenue
\nwas the automotive division, which contributed Rp 10.88 trillion,
\na 172 percent increase from the Rp 4 trillion in the same period
\nin 1999.<\/p>\n
The company also said its operating profit increased 123
\npercent (excluding equity income) to Rp 1.59 trillion.<\/p>\n
"The rise in the national automotive market, both for cars and
\nmotorcycles, during the first six months of 2000 provided a
\npositive impact to the company," noted Astra Corporate Secretary
\nAminuddin.<\/p>\n
The release said Astra's car sales reached 64,267 units, or a
\n518 percent jump compared to the first six months of last year.<\/p>\n
In comparison, national car sales in the same period totaled
\n126,644 units, up from 22,877 units in the first half of 1999.<\/p>\n
Astra said its motorcycle sales increased 85 percent to
\n194,160 units, compared to a 101 percent increase in national
\nmotorcycle sales to 357,283 units.<\/p>\n
Astra forecast the nation's automobile market this year would
\nreach 240,000 units, while it expected the motorcycle market to
\nreach 800,000 units, assuming the domestic social and political
\nconditions continued to improve.<\/p>\n
The company said its plantation operation PT Astra Agro
\nLestari also had a stronger performance, contributing Rp 530
\nbillion to the group's overall net profit, a 24 percent increase
\nfrom the first six months of last year.<\/p>\n
The press release said its financial division reported a 26
\npercent increase in net profit to Rp 381 billion.<\/p>\n
It added that its timber industry and heavy equipment division
\nreported a 4 percent and 34 percent increase in first-half net
\nprofit, respectively.<\/p>\n
But Astra said that its information technology and consumer
\ngoods divisions reported a 8 percent decline in net profit to Rp
\n574 billion from Rp 619 billion.<\/p>\n
The company said this was primarily due to the fact that its
\nconsumer goods subsidiary only contributed five months of revenue
\nbecause of its divestment.(rei)<\/p>",
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