Astra back in the black

JAKARTA (JP): Publicly listed PT Astra International reported on Monday a consolidated net profit of Rp 496 billion (about US$66 million) in the first half of this year, a meaningful recovery from losses of Rp 2.85 trillion in the same period last year.

The turnaround resulted mainly from the appreciation of the rupiah's value against the U.S. dollar, from Rp 14,900 per dollar on June 30, 1998, to Rp 6,726 per dollar this year, the company said in a statement.

The company's total net revenues declined to Rp 6 trillion from Rp 7.2 trillion, partly due to the sale of one of its business units and share dilution in another business subsidiary last year.

The company's automotive business division generated Rp 4 trillion in net revenues during the first half, up 18 percent from Rp 3.39 trillion the previous year.

While revenue from the agribusiness division amounted to Rp 429.5 billion, a 29 percent increase from Rp 332.87 billion the previous year.

The widely diversified Astra also operates several other business divisions in information technology, consumer goods, heavy equipment, timber industry and financial services. (udi)