JAKARTA (TheInsiderStories) - President director of PT Astra International Tbk (IDX: ASII), reported the car sales dropped by 24 percent to 99,000 units and motorcycle sales dropped by 17 percent to 1.01 million units in the first quarter (1Q) of 2021 compared to a year ago. Djony Bunarto Tjondro also reported the sales of heavy equipment through PT Komatsu Indonesia rose by 12 percent to 688 units.
However, the overburden removal volume of PT Pamapersada Nusantara down by 10 percent to 191 million cubic meters and the coal production by 4 percent to 27 million tones. The other mining subsidiary of PT United Tractors Tbk (IDX: UNTR)’ also reported the coal sales rose by 17 percent to 3.7 million tones, including sales of cooking coal of 849,000 tones.
The net profit of heavy equipment, mining, construction and energy group rose by 3 percent to Rp1.1 trillion, due to increased sales of Komatsu and higher gold and coal prices, partly affected by contract volume mining was lower due to unfavorable weather conditions in the 1Q of this year. United Tractors, which is 59.5 percent owned by the company, reported the net profit jumped by 2 percent to Rp1.9 trillion.
Then, the automotive component business with 80 percent ownership, PT Astra Otoparts Tbk (IDX: AUTO)’ net profit up 43 percent to Rp164 billion in the 1Q of 2021, mainly due to the increase in profit margins exchange rate, although revenue from the manufacturing segment decreased. Bunarto also reported, the net income from the agribusiness division down 56 percent to Rp129 billion due to lower sales of palm oil and its derivatives as well a significant increase in export levies and palm oil export taxes.
PT Astra Agro Lestari Tbk (IDX: AALI), 79.7 percent owned by the issuer, reported a 56 percent decrease in net income to Rp162 billion. The sales volume of palm oil and its derivatives also decreased by 7 percent to 454,000 tones and the prices up by 8 percent to Rp9,764 a kilogram.
Furthermore, the infrastructure and logistics divisions’ net profit dropped by 42 percent to Rp42 billion, due to recovery one-off transaction fees incurred in the 1Q of 2020. Astra has share ownership in nearly 358 kilometers of existing toll roads operates along the Trans-Java toll road network and the Jakarta Outer Ring Road toll road. The group’ toll road concessions saw an 8 percent increase in revenues.
The net income from the information technology division also decreased 50 percent to Rp1 billion. 76.9 percent shares of PT Astra Graphia Tbk (IDX: ASGR) owned by the company. While, the property division reported a 23 percent increase in net income to Rp49 billion due to higher occupancy rates and lower operating costs at Astra Tower.
In total, said Bunarto, the group’ net income for the 1Q of 2021 decreased by 4 percent to Rp51.7 trillion and net profit down 22 percent to Rp3.7 trillion compared to the first quarter of 2020, due to lower contribution from almost all business segments.
As part of a strategic initiative to accelerate digital transformation, said Bunarto, Ina March and April 2021, Astra has invested about $5 million in Sayurbox and $35 million in Halodoc. Sayurbox is a farm-to-table grocery e-commerce platform and distributor of fresh goods, while Halodoc is a health platform based online. The company is the main investor in the new funding rounds of the two startups from Indonesia.
US$1: Rp14,500
Written by Editorial Staff, Email: theinsiderstories@gmail.com
