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Improved contribution from heavy equipment, mining boost PT Astra's H1 profit

PT Astra International Tbk reported higher income in the first half of 2018 than the year-ago period thanks to an improved contribution from its heavy equipment and mining and financial services businesses.

The company reported attributable net income of 10.384 trillion Indonesian rupiah, or 257 rupiah per share, for the first half of 2018, up from 9.340 trillion rupiah, or 231 rupiah per share, in the first half of 2017.

PT Astra attributed its higher net earnings to an increased contribution from its heavy equipment and mining businesses and an improved contribution from the financial services division that more than offset a lower contribution from agribusiness and infrastructure.

Net income for the company's heavy equipment, mining, construction and energy business increased 60% from the year-ago period, and the financial services division's net income was up 5% year over year. The agribusiness division's net income was down 23%, and the infrastructure and logistics division reported a 96% year-over-year decline.

Net income for the company's automotive business remained almost flat at 4.215 trillion rupiah. PT Astra said it maintained its motorcycle market share, but its car market share decreased.

Net revenue increased 15% year over year to 112.554 trillion rupiah from 98.031 trillion rupiah due to higher revenues in all segments except infrastructure and logistics.

"The Group's performance for the rest of the year is expected to be satisfactory, supported by ongoing growth in the Indonesian economy and stable coal prices, although there are concerns over competitive pressures in the car market and weak crude palm oil prices," said President Director Prijono Sugiarto.

As of July 27, US$1 was equivalent to 14,356.00 Indonesian rupiah.