Astra net profit up 44.6%
Astra net profit up 44.6%
Rendi A. Witular, Jakarta
Domestic automotive giant PT Astra International said on Friday
that its unaudited net profit for the first half of the year
ending June rose by 44.6 percent on stronger sales from its top
three divisions.
The firm's net profit surged to Rp 2.6 trillion (US$288
million) in the first semester of this year from Rp 1.8 trillion
in the same period last year.
"Our net income grew due to a significant contribution from
the automotive division, mainly from the Daihatsu unit and Honda
motorcycle unit, from financial services and from the
agribusiness division," said Astra president Budi Setiadharma in
a press statement.
The company recorded revenues of Rp 19.73 trillion in the
first six months of the year, up by 25.9 percent from Rp 15.67
trillion last year, and its operating profit rose by 30.8 percent
to Rp 2.18 trillion from Rp 1.67 trillion last year.
Astra said that sales of its cars had jumped by 47.6 percent
to 106,237 units from 71,988 units previously as a result of
strong sales of the lower-priced Toyota Avanza and Daihatsu Xenia
multipurpose vehicles. The increase had raised the company's
market share to 47 percent, up from 42.1 percent during the same
period last year.
"Domestic car sales for the first semester of this year
reached 226,178 units. Our projection for total 2004 car sales is
approximately 400,000 units, which will surpass the pre-crisis
total sales record of 387,000 units," said Budi.
The company's sales of Honda motorcycles also rose by 35.9
percent to 981,193 units in the first semester of this year, up
from 722,112 units a year ago. However, Astra's share of the
market declined to 49.1 percent from 53.2 percent previously due
to capacity constraints.
Domestic motorcycle sales increased by 47.2 percent to 1.99
million units in the first semester of the year from 1.35 million
units previously as a result of a greater variety of low-cost
motorcycles introduced by competitors as well as the lower
interest rates offered by financial institutions.
The significant growth in motorcycle and car sales also
benefited Astra's financing division. The number of motorcycles
financed by the company grew by 68.3 percent to 340,559 units in
the first half, up from 202,339 in the corresponding period last
year, while car financing grew by 62.8 percent to 48,964 units,
up from 30,077 last year.
Astra also enjoyed a better performance in its agribusiness
company. The sales volume of its crude palm oil (CPO) surged by
31.4 percent to 374,379 tons, up from 284,990 tons previously,
while the average sales price of CPO rose by 18.5 percent to Rp
4,024 per kilogram, up from Rp 3,397.
Astra also reported that its gross profit margin slightly
decreased to 23 percent from 23.7 percent previously as a result
of the "deconsolidation" in August last year of PT Toyota Astra
Motor (TAM), Toyota's distribution and production arm in
Indonesia. Astra then cut down its stake in TAM's production
unit.
However, the deconsolidation was partly compensated by an
increased ownership in publicly listed heavy equipment firm PT
United Tractor to 53.2 percent from 49.7 percent. United Tractor
boosted Astra's revenue for this year.
Astra also recorded "profit from other income" of Rp 590
billion, up from Rp 390 billion previously due primarily to a
gain on the sale of telecommunications firm PT Pramindo Ikat
Nusantara.
Pramindo is a joint-operation (KSO) partner of PT Telkom in
Sumatra, which was recently bought out by Telkom. Prior to the
acquisition, Astra had a 59.5 percent stake in the firm.
A third of Astra's shares are owned by Singapore-based Cycle &
Carriage Ltd.