Astra's net profit rose 110% last year

Astra's net profit rose 110% last year

JAKARTA (JP): Astra International, the second largest business group in the country, booked a 110 percent increase in its consolidated net profits last year to over Rp 279 billion (US$126.8 million) from Rp 132.37 billion in 1993.

Astra, the country's largest automobile producer, attributed the sharp increase in its net incomes to the surge in sale revenues from its automotive and heavy industry divisions.

The increase in sale revenues was mainly due to robust economic conditions, stable interest rates and stronger consumer purchasing power, which, when combined, raised the market demand for cars during 1994, the group said in a statement.

Net sales from the automotive division, the group's main business, surged by around 52.37 percent to Rp 7.12 trillion (US$3.2 billion) from Rp 4.67 trillion in 1993. The heavy- industry and finance divisions increased net sales by 36.37 percent and 15.64 percent respectively.

In its consolidated financial report ending in December 1994, total net sales reached Rp 8.88 trillion (around $4 billion), a rise of 51 percent from Rp 5.88 trillion a year earlier.

Astra, established in 1957 as a general trading company, now controls 200 subsidiaries in a variety of fields, including automotive, financial services, wood-based industries, agribusiness, electronics and heavy industry.

The business group, with total assets of around Rp 10.18 trillion, employed 83,000 people in 1994, up from 75,000 in 1993.

The earnings per share of the group, which is listed on the Jakarta and Surabaya stock exchanges, rose by over 100 percent to Rp 247 per share from Rp 137 in 1993, a result of the higher profits. (hen)