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Economy

Indonesia's Astra International Q1 net profit up 63% on year

Robust car sales, coal rebound boost conglomerate's earnings

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A woman walks near a logo of PT Astra International at Astra International headquarter in Jakarta.   © Reuters

JAKARTA -- Astra International, Indonesia's largest publicly listed conglomerate, on Thursday said its net profit jumped 63% on the year to 5.08 trillion rupiah ($381 million) in the first three months of 2017, thanks to strong car sales and a recovery in its commodity businesses.

The company's revenue rose 16% on the year to 48.78 trillion rupiah. The core automotive segment was helped by a 27% increase in car sales to 161,000 vehicles, led by Toyota and Daihatsu models, lifting Astra's market share to 57% from 48% a year earlier. The auto business's bottom line was also helped by higher contributions from its joint ventures and affiliates.

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