Astra sales rise but profit falls<\/p>\n
JAKARTA (JP): Publicly listed automaker PT Astra International
\nannounced a 4 percent decline in its consolidated net profit
\nyesterday to Rp 326.89 billion (US$99.05 million) in the first
\nthree quarters this year from Rp 340.84 billion in the
\ncorresponding period last year.<\/p>\n
The company's net sales, however, rose 21 percent to Rp 12.13
\ntrillion in the first three quarters from Rp 9.99 trillion in the
\nsame period last year.<\/p>\n
The statement said the decline in net profit was caused by the
\nswelling of the company's debt payment costs both for rupiah and
\nforeign currency loans.<\/p>\n
The local debts were much more costly because of the rise in
\ninterest rates, the company said. It said the sharp depreciation
\nof the rupiah against the U.S. dollar had caused foreign
\nborrowing to be much more expensive because about 30 percent of
\nit was not hedged.<\/p>\n
According to the company's statement, the increase in net
\nsales resulted from a rise in its sales volume of cars and
\nmotorcycles.<\/p>\n
Astra said the amount of cars sold between January and
\nSeptember rose 37 percent to 318,818 vehicles from 233,240 in the
\nsame period last year.<\/p>\n
The sales of Toyota, Isuzu, Daihatsu, BMW, Peugeot and Nissan
\ncommercial vehicles accounted for 157,345 of the total sales
\nvolume, up 36 percent from last year's 115,542 vehicles.<\/p>\n
The sales of Astra motorcycles rose 43 percent to 1,408,640 in
\nthe third quarter this year from 985,481 in the same period last
\nyear.<\/p>\n
As a result of the better sales performance, operating income
\nrose to Rp 2.33 trillion by September this year from Rp 828.74
\nbillion in the same period last year.<\/p>\n
The company's finance director, Rini M Soewandi, said recently
\nthat Astra's consolidated net profit would likely be lower than
\nthe initial target of Rp 721 billion due to the swelling
\nexpenditures.<\/p>\n
\"The rupiah's depreciation has forced us to revise our net
\nprofit target this year,\" she said, declining to disclose the new
\ntarget amount. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/astra-sales-rise-but-profit-falls-1447893297",
"image": ""
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