Astra posts record net income of Rp 5.4t<\/p>\n
Leony Aurora , The Jakarta Post, Jakarta<\/p>\n
With over 483,000 vehicles sold last year, publicly listed
\nautomotive giant PT Astra International saw its net income in
\n2004 surge to a record high of Rp 5.4 trillion (US$577.54
\nmillion).<\/p>\n
Consolidated net profit of Astra and its subsidiaries rose
\n22.3 percent from Rp 4.4 trillion booked in 2003, the company
\nsaid in a statement released on Monday.<\/p>\n
\"Astra's better performance this year can be attributed to
\nIndonesia's favorable economic condition combined with our
\nbusiness strategies,\" president Budi Setiadharma said in the
\nstatement.<\/p>\n
The country's economy expanded by 5.1 percent last year,
\nmainly spurred by consumption. Lower interest rates and easily
\nobtainable credit have driven consumers to buy cars and
\nmotorcycles as well as other goods.<\/p>\n
Due to strong demand of its new Multi Purpose Vehicles (MPVs)
\nlike the Daihatsu Xenia, Toyota Avanza and the much-awaited
\nToyota Kijang Innova, Astra sold 217,431 units last year,
\nincreasing its market share to 45 percent from 41.5 percent in
\n2003.<\/p>\n
This year, Astra aims to maintain its market share of 45
\npercent of 530,000 units, a projected market by the Association
\nof Indonesian Automotive Manufacturers (Gaikindo).<\/p>\n
Astra, through its brand Honda, also saw a 29.1 percent
\nincrease in motorcycle sales over two million units as compared
\nto 2003.<\/p>\n
The company is aiming to see growth in motorcycle sales up to
\n5.3 million units, or 50 percent of this year's market share.<\/p>\n
Astra has over 120 subsidiaries, including plantation company
\nPT Astra Agro Lestari, component maker PT Astra Ottoparts and
\nheavy equipment producer PT United Tractors (UT).<\/p>\n
Astra increased its stake in Astra Agro to 79.64 percent from
\n63.26 percent and in UT to 56.45 percent from 49.12 percent. With
\nthe acquisition, UT's financial report has been consolidated into
\nAstra.<\/p>\n
The company also reported that it had paid up its remaining
\nrestructured debts of $112 million and Rp 139 billion, which were
\nsupposed to mature in 2006.<\/p>\n
Last November, Astra entered a three-year revolving credit
\nfacility with an international banking consortium to get a two-
\ntranche loan for working capital of $170 million and Rp 600
\nbillion.<\/p>\n
More than two-fifths of Astra's shares are owned by
\nSingapore's Cycle and Carriage. The shares ended lower by Rp 50
\nat Rp 10,900 on the Jakarta Stock Exchange on Monday.<\/p>",
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