Astra increases profits, to issue bonus shares

JAKARTA (JP): PT Astra International, which increased its net consolidated profits by 63 percent to Rp 132.4 billion (US$61.3 million) last year, decided yesterday to more than double its capital to Rp 3 trillion and to issue bonus shares at a ratio of three to one.

Astra's President T.P. Rachmat reported to the company's annual shareholders meeting that Astra's revenues were bolstered by a strong recovery in the car market due to a decline in interest rates.

"Our consolidated revenues surged by 27.8 percent to Rp 6.4 trillion last year due largely to a 14.5 percent increase in car sales and 38 percent rise in motorcycle sales," Rachmat said.

The shareholders meeting approved management's proposal for a final cash dividend of Rp 225 for 1993, reflecting a net earnings per share of Rp 547, up from Rp 336 in 1992.

An extraordinary shareholders meeting, held immediately after the general one, approved the management's proposal to issue bonus shares at a ratio of three shares to one and to increase the company's capital from Rp 1.2 trillion to Rp 3 trillion.

The bonus shares were paid out of the premiums of the shares originating from the proceeds of the public offering in 1989.

PT Astra International is a business group with 70 subsidiaries operating mainly in car and motor-cycle production, heavy equipment, financial services and agroindustry.

The company is the sole agent and assembler of Toyota, Isuzu, BMW, Nissan Diesel, Peugeot and Daihatsu automobiles and Honda motorbikes.

Astra's management expected a larger increase in the company's earnings this year.

"Our net income during the first quarter of this year already reached Rp 47.3 billion on total sales of Rp 1,748 trillion," Rachmat said.(yns)