Astra International's Profit Fell on Weaker Auto Sales, Coal Prices
By Amanda Lee
Astra International's first-quarter net profit declined mainly due to a steep drop in vehicle sales and lower coal prices.
Profit fell 14% on year to 7.464 trillion Indonesian rupiah ($459.2 million) while revenue declined 2.1% to IDR81.209 trillion, the Indonesian conglomerate said late Monday.
Car sales volume fell 20% and motorcycle sales declined 8% on broader consumption weakness, it said. Mining and construction machinery contributions also fell, but consumer financing was a bright spot, rising on larger loan portfolios.
The company's bottom line was also hurt by a swing to losses on fair-value adjustments to investments in GoTo and Hermina, it said, adding that without those adjustments, net profit was down 5.5% on the year.
Astra said the overall results reflected the subdued economic conditions but it remained optimistic about Indonesia's economic growth.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
April 29, 2024 22:02 ET (02:02 GMT)
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