Astra Otoparts net profit down

JAKARTA (JP): Automotive component producer PT Astra Otoparts Tbk said on Thursday its net profit declined 75 percent year-on- year to Rp 38 billion (US$4.5 million) in the first half of the year.

Company president Budi S. Pranoto said the decline was mainly due to foreign exchange losses of Rp 79 billion in the first half of the year, compared to the company's foreign exchange profit of Rp 90 billion in the same period last year.

The company recorded an operating profit of Rp 154 billion in the first half of the year, a 39 percent increase from Rp 111 billion in the same period last year.

"This increase (in operating profit) shows the company has managed to make some improvements on the operations side," Budi said in a statement.

Company sales rose 18 percent to Rp 908.1 billion in the first half of the year, from Rp 769.9 billion in the corresponding period last year. (jsk)