Astra net profit up 46.4 percent
Astra net profit up 46.4 percent
The Jakarta Post, Jakarta
Domestic automotive giant PT Astra International said on Friday
that its unaudited net profit for the first quarter of this year
rose by 46.7 percent on stronger sales from its top three
divisions.
The firm's net profit surged to Rp 1.24 trillion (US$144
million) in the first quarter of this year from Rp 840 billion in
the same period last year.
"Our net income rose significantly due to contributions from
automotive, financial services and agribusiness division as well
as gains from the sale of Pramindo investment amounting to Rp 246
billion," said Astra president Budi Setiadharma in a press
statement.
He referred to PT Pramindo Ikat Nusantara, a joint-operation
(KSO) partner of PT Telekomunikasi Indonesia in Sumatra, which
was recently bought out by Telkom. Prior to the acquisition,
Astra had a 59.5 percent stake in the firm.
The company recorded revenues of Rp 8.76 trillion in the first
quarter of the year, up from Rp 7.67 trillion and its gross
profit rose by 10.3 percent to Rp 1.98 trillion from Rp 1.79
trillion.
However, the gross profit margin slightly decreased to 22.6
percent from 23.3 percent as a result of the "deconsolidation" of
PT Toyota Astra Motor (TAM), Toyota's distribution and production
arm in Indonesia, in August last year. Astra then cut down its
stake in TAM's production unit.
Astra estimates sales this year will grow by 10 percent.
During the first quarter, Astra made a further payment of its
debt amounting to $80 million. As a result, the company's total
outstanding debts dropped to $247 million, reducing its net debt
to equity ratio to 0.02.
Astra said that sales of its cars had jumped to 47,715 units
in the first three months of this year from 34,761 units a year
earlier. The increase had driven the company's market share to 46
percent from 42 percent as of the end of 2003.
"The increase in the market share is a result of a significant
sales of our new Toyota Avanzas and Daihatsu Xenias," said Budi.
The company's sales of Honda motorcycles rose by 18.3 percent
in the first quarter to 464,422 units from 392,504 units in the
same period last year. However, total market share fell to 49
percent from 57 percent.
Budi said that total national motorcycle demand had increased
by 38 percent in the first quarter as a result of better economic
and political conditions and the entry of a variety of lower-cost
motorcycles and lower interest rates offered by financial
companies.
The significant growth of motorcycle and car sales had
benefited Astra's financial services company as well. The number
of motorcycle financed by the company grew by 48 percent to
144,314 units from 97,493, while car financing grew by 49.6
percent to 21,124 units from 14,120.
Astra also enjoyed better performance out of its agribusiness
company. Sales volume of its crude-palm oil (CPO) surged by 39.1
percent to 170,743 tons from 122,763 tons, while the average
sales price of CPO rose by 8.2 percent to Rp 3,863 per kilogram
from Rp 3,570.
A third of Astra's shares are owned by Singapore-based Cycle &
Carriage Ltd.