JAKARTA. PT Astra Otoparts Tbk (AUTO), a subsidiary of PT Astra International Tbk (ASII), was only able to book a net profit of IDR 2.25 billion in 2020 due to the sluggish automotive industry.
The net profit was 99.7% lower than in 2019, where AUTO managed to score a net profit of IDR 793.67 billion. "This is mainly due to the decline in revenue from the automotive manufacturing market segment and the replacement parts market also fell as a result of the Covid-19 pandemic," said AUTO Management in a recently released financial report.
Meanwhile, AUTO's net income decreased 23.15% year-on-year (yoy) to IDR 11.87 trillion in 2020. On the other hand, the company has also reduced its cost of revenue from 22.38% to IDR 10.29 trillion.
For details, 62.58% or IDR 7.43 trillion of AUTO's revenue came from product sales in the domestic market. Meanwhile 10.73% or IDR 1.27 trillion came from product sales outside Indonesia.
According to idnfinancials.com data, 80% of AUTO's shares were controlled by ASII at the end of 2020. Meanwhile, the remaining 20% is owned by public investors, with each share ownership being below 5%. (KR/LM)