JAKARTA – Net profit of PT Astra Internasional Tbk (ASII) declined 9% year-on-year (yoy) to IDR 15.85 trillion in the first half (H1) of 2024. This profit decline is in line with the decrease of its revenue from IDR 162.39 trillion to IDR 159.96 trillion.

In a release received by IDNFinancials today (31/7), Djony Bunarto Tjondro, President Director of ASII, mentioned that revenue slippage reflects a declining performance seen in the heavy equipment and mining business line, especially as the coal prices dropped. “Despite said challenge, the group expects the performance for the rest of the year will remain resilient,” he added.

According to Tjondro, Astra Group is optimistic about its long-term growth and its capability in maintaining its leading position in many of its business portfolio.

Throughout the first half (H1) of 2024, several business lines of ASII still reported growth in profits, including financial services that rose 8% yoy to IDR 4.11 trillion from IDR 3.82 trillion, agribusiness that soared 36% fro IDR 293 billion to IDR 399 billion, infrastructure and logistics up 24% yoy to IDR 63 billion from IDR 51 billion, and property, which shifted 38% upwards to IDR 94 billion from IDR 68 billion.

In the meantime, the business lines that seemingly slowed down in H1 2024 consist of automotive, profit of which went down 3% yoy to IDR 5.53 trillion from IDR 5.63 trillion, as well as heavy equipment, mining, construction, and energy segment that slipped 15% yoy to IDR 5.84 trillion from IDR 6.88 trillion. (LK/ZH)