Astra reports 330% jump in net profits

The Jakarta Post, Jakarta

The country's largest automotive conglomerate, PT Astra International, reported on Monday a 330 percent jump in its 2002 net profits to Rp 3.64 trillion (about US$409 million) from Rp 845 billion in 2001.

The president of the publicly listed company, Budi Setiadharma, told Antara that the audited figure was the company's highest record so far.

He said that the sharp rise in net profits was mainly due to an increase in motorcycle sales.

He said motorcycle sales rose by 54 percent to 1.4 million bikes in 2002.

This represents a 57 percent share of the country's motorcycle market, with sales of 2.4 million bikes last year.

Astra said that the launch of new models and the company's move to increase support networks, such as repair and spare part shops, had contributed to the increase in motorcycle sales.

But shares in Astra fell to Rp 2,500 on Monday from Rp 2,600 last week amid profit-taking in most blue-chip companies.

Dealers said that most shares ended lower following Wall Street's decline on Friday.

They said investors were still reluctant to buy shares due to uncertainties over how long the war in Iraq will last.

Elsewhere, Antara said that Astra's operational profits rose by 7.1 percent to Rp 2.81 trillion last year from Rp 2.62 trillion the previous year.

The news agency, however, did not say what the figures were for car sales last year.

Astra manufactures the popular Toyota Kijang vans.