By Amanda Lee


Astra International's first-quarter net profit declined mainly due to a steep drop in vehicle sales and lower coal prices.

Profit fell 14% on year to 7.464 trillion Indonesian rupiah ($459.2 million) while revenue declined 2.1% to IDR81.209 trillion, the Indonesian conglomerate said late Monday.

Car sales volume fell 20% and motorcycle sales declined 8% on broader consumption weakness, it said. Mining and construction machinery contributions also fell, but consumer financing was a bright spot, rising on larger loan portfolios.

The company's bottom line was also hurt by a swing to losses on fair-value adjustments to investments in GoTo and Hermina, it said, adding that without those adjustments, net profit was down 5.5% on the year.

Astra said the overall results reflected the subdued economic conditions but it remained optimistic about Indonesia's economic growth.


Write to Amanda Lee at amanda.lee@wsj.com


(END) Dow Jones Newswires

04-29-24 2202ET