High coal price supports Astra ’s double-digit growth in profit Diversified business group PT Astra International posted an 11.18 percent year-on-year (yoy) growth in profit in the first half of this year to Rp10.38 trillion (US$719.78 million), according to the company’s president director, Prijono Sugiarto.
Heavy equipment, mining and financial services are main contributors to the growth, thanks to the high price of coal, Prijono said in a statement received by The Jakarta Post on Tuesday.
In the first half of this year, Astra International’s profit from its heavy equipment, mining, construction and energy businesses increased 60 percent to Rp3.28 trillion, while profit from financial service businesses increased 5 percent to Rp 2.14 trillion.
However, profit from agribusinesses decreased 23 percent to Rp625 billion and profit from infrastructure and logistics businesses posted a 96 percent decrease to Rp 4 billion, he said.
Meanwhile, the company’s revenue grew 14.81 percent to Rp 112.55 trillion in the January to June period, said Prijono, who was upbeat that Astra would be able to continue its stellar performance throughout 2018 due to stable coal prices and economic growth.
According to the Energy and Mineral Resources Ministry, the average coal price increased to $104 in July, higher than the price projected in the state budget of between $68 and $70 per ton.
“We’re also keeping a close eye on intensifying competition in the car market and declining palm oil prices,” Prijono added. High coal price supports Astra’s double-digit growth in profit (ris/bbn, The Jakarta Post)