Indonesian automotive giant Astra International posted a near 12% fall in net profit for the first nine months of the year, with a steep drop in sales amid the Covid-19 pandemic offsetting gains from the sale of Bank Permata.
Net profit was 14.039 trillion rupiah ($954.7 million), down from IDR15.868 trillion in the same period a year ago, Astra said Monday. Excluding the gain from the sale of a stake in Bank Permata, net profit fell about 49% to IDR8.158 trillion.
Revenue fell 26% on year to IDR130.349 trillion as sales of cars and motorcycles were down by 51% and 38% respectively, Astra said.
"It is expected that the pandemic, and measures taken to contain it, will persist for some time and will continue to have an adverse impact on the group's results for the remainder of the year," said President Director Djony Bunarto Tjondro.
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