Astra profits up by 63% in 1st quarter

JAKARTA (JP): Publicly listed PT Astra International, the largest car maker in the country, posted a net profit of almost Rp 120 billion (US$50 million) in the first quarter of this year, 63.1 percent more than in the same period last year.

The widely diversified business group said here yesterday that the company's net earning per share jumped to Rp 412 from Rp 253.

Total net revenues rose by 9.14 percent to Rp 3.48 trillion in the January to March period.

Vehicle sales accounted for 78.42 percent of the revenues, followed by financial services with 10.20 percent, electronic and consumers goods 7.71 percent, palm oil 2.5 percent and heavy equipment 0.97 percent.

It said its Honda motorbike sales increased 47.09 percent to 191,631 during the first quarter. In the January to April period, 269,166 Honda motorbikes were sold, almost 50 percent more than in the same period last year.

The company's car sales increased by 3.9 percent to 41,605 during the first quarter, partly due to the launching of its new Kijang and Isuzu Panther vans. In the January to April period sales reached 58,278.

Astra, which controlled 47 percent of the country's automobile market during the first quarter, said the increased financial performance resulted from an improvement in Indonesia's economy, in addition to its efforts to improve its business efficiency.

The company was projected to earn about Rp 614 billion in net profit this year.

It estimated that Indonesia's total car sales will rise by between 15 and 20 percent this year. Last year 332,036 cars were sold.

Astra said it would hold its annual shareholders meeting and extraordinary shareholders meeting on June 11. Included among the agenda of the meetings will be proposals to change the par value of its shares and the amendments to its corporate statutes to conform with the new Corporate Law (Law on Limited Liability Companies). (bnt)