Astra posts sharp rise in net profit

Astra posts sharp rise in net profit

JAKARTA: Indonesian auto firm Astra International announced on Friday its net profit more than tripled last year to Rp 3.64 trillion (US$408.5 million), partly due to foreign exchange gains on its dollar debt.

The figure compares with a restated net profit of Rp 844 billion for 2001.

The company reported forex gains of Rp 940 billion in 2002, a reversal from forex losses of Rp 857 billion the previous year.

It said sales increased to Rp 30.27 trillion in 2002 from the restated Rp 29.24 trillion in 2001 while operating profit rose to Rp 2.88 trillion from Rp 2.68 trillion.

The results were in line with the forecasts of analysts, who said the relatively flat operating profit growth reflected flat car sales.

The Indonesian Automotive Industries Association says Astra International vehicle sales declined to 176,752 last year compared with 177,189 the previous year.

Domestic sales declined to 135,773 from 138,192 a year earlier. -- AFP