Jul 29, 2011

Astra International 1H profit up 33.39%

PT Astra International Tbk (ASII), Indonesia’s mammoth auto maker and distributor that reigns 55% vehicle market, reported a 33.39% net profit for the first 6 months of this year on the back of higher price of commodities, robust auto sales, and steady inflation rate.
The company posted Rp8.59 trillion net profit in 1H 2011 from Rp6.44 trillion, reflecting Rp2,121 earning per share from Rp1,591.
Operating profit increased 26.54% to Rp8.44 trillion from Rp6.67 trillion, boosting its operating margin to 11.07% from 10.84%. Gross profit rose 26.14% to Rp15.15 trillion from Rp12.01 trillion. Astra's consolidated revenue rose to Rp76.26 trillion, up 23.98% from Rp61.51 trillion. Analyst consensus this year estimates that Astra International may post Rp149.59 trillion revenue, Rp17.51 trillion operating profit, and Rp16.37 trillion net profit.
Referring to the first half result, the company gas reached 50.98% of 2011's full year revenue, 48.20% of operating revenue, and 52.47% of 2011's net profit.
Auto contribution remains
Auto business remains the biggest motor for Astra's consolidated revenue with Rp38.05 trillion, counting nearly 50% of its total revenue. 
Robust heavy equipment sales as well as mining contracting contributed the second largest to Astra's revenue with Rp25.62 trillion or 33.59%. Financial services, agribusiness, infrastructure, and technology information contributed revenue of Rp5.57 trillion, Rp5.29 trillion, Rp2.38 trillion, and Rp648 billion respectively.

Disclosure: No position at the stock mentioned above.

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