What Are Astra's Prospects After Net Income Drop in 1H?

Summary

The COVID-19 pandemic put pressure on PT Astra International Tbk's (ASII) performance. Throughout the first half of 2020, this business conglomerate posted Rp 89.8 trillion in net income, shrinking 23 percent compared to the same period last year.

However, Astra Group's net profit increased 16 percent to Rp 11.4 trillion in the first half of 2020 due to the sale of shares in PT Bank Permata Tbk (BNLI) worth Rp 5.88 trillion. If it does not include the profit of Bank Permata's sales, Astra Group's net profit fell 44 percent to Rp 5.5 trillion. The decline in profits was triggered by a performance decline in the automotive business, heavy equipment and mining, and financial services, which were most affected by the COVID-19 pandemic.

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