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Jardine Strategic JDS Astra 3rd Quarter Results

  Jardine Strategic (JDS) - Astra 3rd Quarter Results

RNS Number : 8680P
Jardine Strategic Hldgs Ld
30 October 2012




To: Business
Editor
31st October 2012


For immediate release







PT Astra International Tbk

2012 Third Quarter Financial Statements









The following announcement was issued today by the Company's 72%-owned
subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT Astra
International Tbk.









For further information, please contact:



Jardine Matheson Limited

Neil M
McNamara
(852) 2843 8227



GolinHarris

Kennes
Young
(852) 2501 7987





31st October
2012



PT ASTRA INTERNATIONAL TBK

2012 THIRD QUARTER FINANCIAL STATEMENTS



Highlights





 ·Net earnings per share up 9% to Rp 362
· Unit sales of cars up by 24% and motorcycles 3% lower
 · Komatsu unit sales down by 15%
 ·Overburden removal and coal extraction up by 8%



"The Group's good result for the first nine months of the year has been driven
primarily by strong car sales. Slowing demand in the heavy equipment  business 
reflects weakening coal  prices, while  a recent fall  in CPO  prices is  also 
affecting profitability.  Although the  prospects  for our  businesses  remain 
sound and the Group is expected to produce a satisfactory result for the  full 
year, the fall in commodity prices has resulted in a less certain outlook."



Prijono Sugiarto

President Director

31st October 2012



Group Results

                                 Nine months ended 30th September
                                      2012          2011 Change

                                     Rp bn         Rp bn              %
Net revenue                        143,138       119,530             20
Net income *                        14,671        13,441              9
                                        Rp            Rp
Net earnings per share                 362           332              9
                                As at 30th    As at 31st              

                            September 2012 December2011         Change

                                     Rp bn         Rp bn              %
Shareholders' funds**               66,518        60,449             10
                                        Rp            Rp
Net asset value per share**          1,643         1,493     10



* Net income is profit attributable to owners of the parent.

** Shareholders'  funds and  Net asset  value per  share are  based on  equity 
attributable to owners of the parent.

The financial results for the nine  months ended 30th September 2012 and  30th 
September 2011 as  well as the  financial position as  at 30th September  2012 
have  been  prepared  in  accordance  with  Indonesian  Financial   Accounting 
Standards. These results are unaudited.



The financial position as at 31st December 2011 has been audited in accordance
with the  auditing  standards  established  by  the  Indonesian  Institute  of 
Certified Public Accountants.

PRESIDENT DIRECTOR'S STATEMENT



Overview

The Group's results  for the  nine months ended  30th September  2012 were  9% 
ahead of 2011. Strong results from  the Group's car businesses were  partially 
offset by a lower profit contribution from the Group's palm oil and motorcycle
businesses.





Performance



The Group recorded net income of Rp 14.7 trillion, an increase of 9% over  the 
same period in 2011. Net revenue was up 20% to Rp 143.1trillion. Net earnings
per share were 9% higher at Rp 362.



Astra's net asset value of Rp 1,643per  share at 30th September 2012 was  10% 
higher than at the end of 2011.



Overall net debt at  30th September 2012,exclusive  of the Group's  financial 
services subsidiaries, was  Rp 5.7 trillion,  compared to net  debt of Rp  572 
billion at  the end  of 2011,  an  increase primarily  due to  investment  and 
capital  expenditure  in  the  heavy  equipment  andmining,   automotive,and 
agribusiness segments.  The Group's  financial services  subsidiaries had  net 
debt at 30th September 2012 of Rp 36.0 trillion, compared to Rp 31.2  trillion 
at year end, due to an increase in the volume financed.





Business
Activities



The Group's  activities are  focused on  six business  segments -  automotive, 
financial services, heavy equipment  and mining, agribusiness,  infrastructure 
and logistics, and information technology.



    Automotive



Net income  from the  Group's automotive  businesses  grew by  17% to  Rp  7.2 
trillion, comprising Rp 3.7 trillion from the Company and subsidiaries and  Rp 
3.5 trillion from its automotive  associates and jointly controlled  entities. 
New minimum down-payment requirements in automotive financing in mid-June 2012
adversely affected motorcycle market sales,  however, the impact on car  sales 
was mild.



The wholesale market for cars grew by 24% to 816,000 units. Astra's car  sales 
rose by 24% to 448,000 units with a stable market share of 55%. Astra launched
17 new models and 26revamped models during the first nine months of 2012.



The wholesale market  for motorcycles declined  by 14% to  5.3 million  units. 
Astra Honda Motor's sales declined by 3% to 3.1 million units, with its market
share increasing from 52% to 58%. During the first nine months of 2012,  Astra 
Honda Motor launched 2 new models and 9 revamped models. The wholesale  market 
for motorcycles during 2012 has also been negatively impacted by a  tightening 
of underwriting standards at certain third-party consumer finance companies.



Astra Otoparts,  the  Group's 95.7%-owned  component  manufacturing  business, 
reported a net income of Rp 767  billion, an increase of 2%. The 13%  increase 
in revenue, which was  mainly in respect of  the OEM and replacement  markets, 
was largely offset by higher raw material  and labour costs that could not  be 
fully passed on to customers.

Financial Services

Net income from the Group's financial services businesses grew by 9% to Rp 2.8
trillion.

The aggregated  amount financed  through Astra's  automotive-focused  consumer 
finance operations, Federal International Finance, Astra Credit Companies  and 
Toyota Astra Financial  Services, grew by  3% to Rp  38.6 trillion,  including 
balances  financed  through  joint   bank  financing  without  recourse.   The 
aggregated amount  financed through  Astra's heavy  equipment-focused  finance 
operations, Surya Artha Nusantara Finance  and Komatsu Astra Finance, grew  by 
12% to Rp 5.8 trillion.

Astra's 44.5%-held joint venture, Bank Permata, reported net income of Rp  1.1 
trillion, an increase of 16%, with growth in net interest income and fee-based
income partly  offset by  higher operating  costs. Group  insurance  company, 
Asuransi Astra Buana, recorded slightly higher earnings with strong growth  in 
gross written  premiums,  partly  offset  by  higher  commissions  and  claims 
expenses.

Heavy Equipment and Mining

The Group's net income from its heavy equipment and mining businesses grew  by 
3% to Rp 2.7 trillion.



United Tractors, which  is 59.5%-owned, reported  net income up  3% at Rp  4.5 
trillion as net revenue rose 11%.



In the construction machinery business, net  revenue decreased by 5% as  sales 
of Komatsu heavy  equipment fell 15%  to 5,455units, following  a decline  in 
mining sector demand due to the fall in coal prices, andincreased competition
from excess  production redirected  from the  Chinese market.  The effect  was 
partlymitigated by strong spare parts and service revenue growth.



The mining contracting operations of subsidiary Pamapersada Nusantara reported
a 26% improvement in net revenue  as contract coal production increased 8%  to 
69 million tonnes and contract overburden removed rose 8% to 634 million bcm.



While United Tractors' mining subsidiaries reported an increase in net revenue
of 28%, with coal  sales increasing 41%  to 4.5 million  tonnes, a decline  in 
average coal sale prices  and increased fuel  costs negatively impacted  gross 
profit margins. United Tractors and its  subsidiaries own interests in 9  coal 
mines with combined reserves estimated at 380 million tonnes.

Agribusiness

The Group's net income from agribusiness decreased by 10% to Rp 1.3 trillion.

Astra Agro Lestari,  which is 79.7%-held,  reported net income  for the  first 
nine months of Rp 1.7 trillion, 10% down. While average crude palm oil  prices 
achieved were marginally lower compared with  the same period last year,  palm 
oil production increased 11% to 1 million tonnes, leading to an 8% increase in
revenue. However,  net  income  fell  owing to  higher  production  costs  and 
operating expenses.

Infrastructure and Logistics

Net income from infrastructure and logistics fell by 2% to Rp 472 billion,  as 
2011 benefited  from the  reversal of  a tax  provision, excluding  which  net 
income rose 22%. 

The  72.5  km  Tangerang-Merak  toll   road  operated  by  79.3%-owned   Marga 
Mandalasakti reported  a 16%  increase in  traffic volume  in the  first  nine 
months to 28 million vehicles on higher average tariffs. The Group's 95%-owned
greenfield 40.5  km Kertosono-Mojokerto  toll road  near Surabaya,  which  was 
acquired in  late 2011,  remains  under construction  and  is expected  to  be 
completed in 2013 subject to the timely completion of land acquisitions. 

PAM Lyonnaise Jaya, which operates  the western Jakarta water utility  system, 
increased its sales volume by 4% to 118 million cubic metres.

Serasi Autoraya's improved profit was supported by a 19% increase in  vehicles 
under contract at its TRAC car rental business to over 31,000 units.

Information Technology

Net income from information technology grew by 16% to Rp82 billion.



Astra Graphia,  76.9%-owned,  which  is  active in  the  area  of  information 
technology solutions and is  the sole distributor of  Fuji Xerox equipment  in 
Indonesia, reported net income of Rp 107 billion, up 16%.





Prospects



The Group's good result for the first nine months of the year has been  driven 
primarily by strong car sales. Slowing demand in the heavy equipment  business 
reflects weakening coal  prices, while  a recent fall  in CPO  prices is  also 
affecting profitability.  Although the  prospects  for our  businesses  remain 
sound and the Group is expected to produce a satisfactory result for the  full 
year, the fall in commodity prices has resulted in a less certain outlook.



Prijono Sugiarto

President Director

31st October2012

                                      



For further information, please contact:

PT Astra International Tbk

      Arief Istanto, Chief of Corporate Communication

Tel: + 62 - 21 - 6530 4956

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


QRTBKKDKQBDDKKN -0- Oct/31/2012 09:58 GMT
 
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