Astra's operating profit rises 76%<\/p>\n
JAKARTA (JP): PT Astra International more than doubled its net
\noperating revenues to Rp 20.2 trillion (US$2.2 billion at the
\ncurrent exchange rate) in the first nine months of this year from
\na year earlier and posted a 76 percent increase in its operating
\nprofit to Rp 2.4 trillion.<\/p>\n
But the company ended up the period under review with a net
\nloss of Rp 273 billion due to foreign exchange losses caused by
\nthe sharp fall in the rupiah's exchange rate against the American
\ndollar, Astra Corporate Secretary Aminuddin said in a statement
\non Tuesday.<\/p>\n
Aminuddin said that although the net loss was much lower than
\nthe Rp 702 billion loss suffered in the first six months, foreign
\nexchange losses and foreign exchange swap costs remained high at
\nRp 1.9 trillion.<\/p>\n
The losses, he added, were caused mainly by the weakening of
\nthe rupiah from Rp 7,100 per dollar at the end of 1999 to Rp
\n8,780 at the end of September.<\/p>\n
He stressed, however, that all major business divisions of
\nAstra International enjoyed robust sales growth in the period
\nunder review.<\/p>\n
\"Our car sales more than tripled to 105,432 units or about 50
\npercent of the total domestic market and our automobile exports
\nincreased by 69 percent to 36,424 units,\" Aminuddin said.<\/p>\n
Its Honda motorcycle sales also expanded by 80 percent to
\n323,865 or 55 percent of the national motorcycle market.<\/p>\n
He said that the latest data showed Astra's automobile sales
\nhad increased further to 121,815 units in the first ten months
\nwhile motorcycle sales had risen to 373,273 units.<\/p>\n
Astra is the sole agent and assembler of Toyota, Daihatsu,
\nIsuzu, BMW and Peugeot cars and Nissan trucks.<\/p>\n
Aminuddin said that Astra's plantation division (mostly
\nproducing crude palm oil) increased its sales by 32 percent and
\nthe financial services division by 52 percent.<\/p>\n
Aminuddin explained that different from Astra's consolidated
\nfinancial report for the first semester, the financial statement
\nfor the third quarter no longer included its subsidiary PT
\nFederal Motor (the producer of Honda motorcycles).<\/p>\n
\"This is because Federal Motor was restructured in late August
\nunder a joint venture with Honda Motor Co.,\" he added.<\/p>\n
When the joint venture agreement becomes effective on Dec. 31,
\nPT Federal Motor will be merged with PT Honda Federal into a new
\njoint venture company called PT Astra Honda Motor, which will be
\nowned equally by Astra and Honda Motor Co.<\/p>\n
As part of the joint venture agreement, Astra International
\nwill transfer the distributorship of Honda motorcycles to Astra
\nHonda Motor for a consideration of Rp 1.12 trillion, Aminuddin
\nadded. (vin)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/astras-operating-profit-rises-76-1447893297",
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