Indonesia's largest auto maker PT Astra International Tbk (ASII) reports a 41.62% increase in net profit in the first quarter of this year as net revenue rose.
Astra posted Rp5.07 trillion in net profit or Rp1,063 per share in 1Q 2011 from Rp3.58 trillion or Rp744 per share. Operating profit increased 34% to Rp4.34 trillion from Rp3.25 trillion.
Astra booked Rp38.69 trillion net revenue, reflecting a 30% growth compared to Rp29.69 trillion. "Favourable economic situation, stable inflation rate, and higher commodities prices underpinned Astra Group' performance," said Astra President Director Prijono Sugiarto in a statement obtained today.
Contribution of otomotive division to Astra's consolidated net income rose 28% to Rp2.1 trillion. Astra Group sold more cars with 27% growth in 1Q 2010 to 125,000 units, counting 56% national market share, a slight declined from 57% a year ago.
The financial division contributed Rp797 billion, a 25% increase, to Astra's net income. Heavy equipment and mining business contributed Rp785 billion, representing a 43% growth. Agribusiness made net income of Rp521 billion to the Astra Group.
Infrastructure and logistic and information technologies contributed Rp221 billion and Rp17 billion.Astra International is a 50.11% owned by Jardine Cycle & Carriage Ltd, President Commissioner Budi Setiadharma holds 0.02%, Commissioner Anthony John Liddell Nightingale owns 0.02%, and public holders own 49.85%.
Disclosure: No position at the stock mentioned above.
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