PT Astra International's H1 2019 earnings down 6%

INDONESIAN conglomerate PT Astra International's net income for the six months ended June 30, 2019 slid 6 per cent year-on-year to 9.8 trillion rupiah (S$957.4 million).

This was due to lower contributions from its automotive and agribusiness divisions.

Net revenue edged up 3 per cent to 116.2 trillion rupiah on the back of higher revenue from its heavy equipment, mining, construction and energy, and its financial services divisions. Net earnings per share worked out to 242 rupiah, down from 257 rupiah a year ago.

Prijono Sugiarto, president director of Astra, said: "The group's performance in the first half of 2019 was impacted by relatively weak domestic consumption and a downward trend in commodity prices, but benefited from an improved performance from financial services and the contribution from the newly acquired gold mine. The outlook for the rest of the year remains challenging as these conditions may persist."

Jardine Cycle & Carriage holds a 50.11 per cent stake in Astra.