Skip to Content
Global News Select

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


(END) Dow Jones Newswires

April 29, 2024 22:02 ET (02:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Market Updates

Sponsor Center