Automotive Giant Astra International Gains Profits of Rp3.73 Trillion on Early 2021

JAKARTA – Automotive giant, PT Astra International Tbk (ASII), recorded a decline in performance in the first quarter of 2021. The company’s revenue and net profit looked lethargic in the first three months of this year.

Based on financial report released by the company through the Indonesia Stock Exchange (IDX) on Wednesday, April 21, 2021, ASII’s net income amounted to Rp51.7 trillion in the first quarter of 2021. This figure is a descend by around 4.26% compared to the same period last year, which was Rp54 trillion.

The decrease in net income was due to the decrease in total sales of goods by 4.48% year-on-year (yoy) from Rp37.41 trillion to Rp35.73 trillion. This was followed by a decrease in revenue from the services and rental segments from Rp11.39 trillion in the first quarter of 2020 to Rp9.87 trillion in Q12021.

This condition caused the net profit given to the owners of the parent entity to drop 22.49% yoy to Rp3.73 trillion in the first quarter of this year compared to the realized net profit for the same period last year which reached Rp4.81 trillion.

Even so, the company managed to reduce costs and burdens during the early period of this year. Sales expenses decreased on an annual basis from Rp2.68 trillion to Rp2.47 trillion. General and administrative expenses also slightly decreased to Rp3.60 trillion from Rp3.67 trillion at the beginning of last year.

Meanwhile, the company’s financial costs decreased from Rp1 trillion in the first quarter of 2020, to only Rp604 billion in the same period this year. With this note, ASII’s cost of revenue decreased by around 1.94% yoy to Rp41.10 trillion from the previous Rp41.92 trillion.

Total cash and cash equivalents of the company as of March 31, 2021 amounted to Rp56.58 trillion or increasing 18.97% yoy from Rp47.55 trillion in the same period in 2020. Meanwhile, the total assets currently reached Rp351.98 trillion compared to the beginning of last year amounting to Rp338.20 trillion.

Amid the weakening of the Composite Stock Price Index (IHSG), ASII shares also fell 1.42% to the price level of Rp5,225 per share at the end of trading on Wednesday, April 22, 2021. At the end of March 2021, ASII’s earnings per share changed to Rp92 from the previous Rp119 per sheet.

Reporter: Drean Muhyil Ihsan

Editor: Sukirno