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| Prijono Sugiarto. |
Publicly traded
widely diversified corporation PT Astra International reported a 9
percent decline net profit year-on-year in the first half of the year.
The country`s largest automotive company posted Rp8.8 trillion in net profit in the first six months of the year down from Rp9.7 trillion in the same period last year.
"The subsidiaries of the company showed a decline in performance in the first six months of 2013," company`s president Prijono Sugiarto said in a news release published here on Tuesday.
The company`s income fell 2 percent to Rp94.3 trillion from Rp95.9 trillion, Prijono said.
"Though the prospect of domestic demand remain positive, sharper competition in car market, an increase in labor cost and falling commodity prices are expected to continue to impact the company`s performance in the second half of the year," he said.
He said the core business of the Astra group will continue in six business areas -- automotive, financial service, heavy equipment, and mining, agribusiness, infrastructure and information technology.
Among the divisions recording a decline in net profit in the first half of the year are automotive division with profit down 10 percent to Rp4.4 trillion, heavy equipment and mining division down 24 percent to Rp1.4 trillion, agribusiness down 25 percent to Rp571 billion, and infrastructure and logistic division down 29 percent to Rp223 billion.
Those recording an increase in net profit included financial service division with profit up 19 percent to Rp2.1 trillion, and information and technology up 2 percent to Rp55 billion.
The country`s largest automotive company posted Rp8.8 trillion in net profit in the first six months of the year down from Rp9.7 trillion in the same period last year.
"The subsidiaries of the company showed a decline in performance in the first six months of 2013," company`s president Prijono Sugiarto said in a news release published here on Tuesday.
The company`s income fell 2 percent to Rp94.3 trillion from Rp95.9 trillion, Prijono said.
"Though the prospect of domestic demand remain positive, sharper competition in car market, an increase in labor cost and falling commodity prices are expected to continue to impact the company`s performance in the second half of the year," he said.
He said the core business of the Astra group will continue in six business areas -- automotive, financial service, heavy equipment, and mining, agribusiness, infrastructure and information technology.
Among the divisions recording a decline in net profit in the first half of the year are automotive division with profit down 10 percent to Rp4.4 trillion, heavy equipment and mining division down 24 percent to Rp1.4 trillion, agribusiness down 25 percent to Rp571 billion, and infrastructure and logistic division down 29 percent to Rp223 billion.
Those recording an increase in net profit included financial service division with profit up 19 percent to Rp2.1 trillion, and information and technology up 2 percent to Rp55 billion.
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