JAKARTA - PT Astra International Tbk (ASII) recorded a net profit drop of 6% year on year (yoy) to Rp 9.803 billion in the first half of 2019. In the same period, the company’s revenue surged 3% yoy to Rp 116.182 billion.
According to Astra International President Director Prijono Sugiarto, the company’s net profit drop in 1H was caused by declining commodity prices during the period. “Especially palm, with CPO prices falling 18%,” said Mr Sugiarto at a press conference at the Indonesia Stock Exchange (IDX) Building, Monday (26/8).
In addition, Mr Sugiarto stated that declining coal prices this year also played a role in suppressing Astra International’s 1H net profit. However, he added, the company’s performance was still maintained thanks to the acquisition of the Martabe gold mine in South Tapanuli, North Sumatra last year through one of its subsidiaries PT United Tractors Tbk (UNTR).
Mr Sugiarto added that he is confident Astra International’s performance for the rest of the year will improve in line with the completion of several projects the company is involved in such as steam power plants and toll roads. “Toll roads have started to contribute significantly,” he said. (MS)