Automotive spare parts maker PT Astra Otoparts Tbk (AUTO) reported a slight decrease in net income of 6.81% in the first quarter of this year (1Q2011) because of higher operating expenses.
The company posted Rp259 billion net income in 1Q 2011 from Rp278 billion in the previous year, a presentation material submitted by Astra Otoparts to Indonesia Stock Exchange revealed today.
However, net revenue grew 20.6% to Rp1.82 trillion from Rp1.51 trillion. The company's assets rose 23% to Rp6.2 trillion from Rp5 trillion as a result of the increase in its current assets of 9.1% to Rp2.6 trillion from Rp2.4 trillion.
Non-current assets increased 35.9% to Rp2.6 tillion from Rp929.6 billion.
The company is also planning to hold a stock split with 1:5 ratio. The corporate action will be proposed during annual of shareholders general meeting (AGM) scheduled on April 27 2011.
Disclosure: No position at the stock mentioned above.
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