Astra Q1 earning slides 24%<\/p>\n
JAKARTA: Indonesia's car maker PT Astra International said on
\nWednesday its net profit for the first quarter of this year slid
\n24 percent to Rp 842.31 billion (US$96.8 million) from Rp 1.114
\ntrillion during the same period last year.<\/p>\n
The company attributed the fall to lower foreign exchange
\ngains which slumped to Rp 27.68 billion from Rp 540.60 billion
\nlast year.<\/p>\n
Like many Indonesian companies, Astra's bottom-line is
\naffected by the rupiah's fluctuations against the dollar due to
\nits offshore borrowing.<\/p>\n
The rupiah appreciated 10 percent between late March, 2002 and
\nMarch 31 this year.<\/p>\n
Sales rose 5.8 percent to Rp 7.671 trillion from Rp 7.249
\ntrillion last year.<\/p>\n
Astra, which has a joint venture with Toyota Motor Corp. (TM)
\nto assemble and distribute the Japanese company's vehicles in
\nIndonesia, sold 34,563 cars in the first three months of this
\nyear. That was around 42 percent of total national car sales.<\/p>\n
Astra didn't offer comments on its performance.
\nSingapore's Cycle & Carriage Ltd. is Astra's major shareholder
\nwith a 34.3 percent stake. Dow Jones<\/p>",
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