Astra Otoparts books profit

JAKARTA (JP): Publicly listed PT Astra Otoparts announced on Thursday sales of Rp 1.56 trillion (US$200 million) in 1999, a 26 percent increase from Rp 1.23 trillion in 1998.

The company said in a statement that the increase was partly due to improved sales of original equipment manufacture and higher demand in the replacement market.

The company recorded a net profit of Rp 159 billion in 1999, compared to a loss of Rp 139 billion in 1998, due to an increase in operating profit margin by 1.5 percent and the strengthening of the rupiah exchange rate against the U.S. dollar.

Astra Otoparts is a holding company for about 27 subsidiaries, that produce and distribute automotive components to local car and motorcycle manufacturers such as Toyota, BMW and Peugeot.

The company exported half of its products to Japan, the United States, other Southeast Asian countries, Europe and Australia.

PT Astra International owns 87.3 percent of Astra Otoparts and about 10 percent is owned by the public. Its stock closed at Rp 2,325 at the Jakarta Stock Exchange on Thursday.(07)