Jardine Matheson Holdings Ltd's 83.1%-owned subsidiary, Jardine Cycle & Carriage Limited, released the 2024 First Half Financial Statements for PT Astra International Tbk. The financial results showed a 4% decrease in net earnings per share, with car sales down 17% and motorcycle sales down 4%. The mining performance was impacted by lower coal prices, while there was a higher contribution from financial services, agribusiness, and infrastructure and logistics.

Djony Bunarto Tjondro, President Director of Astra, expressed confidence in Indonesia's long-term growth and the Group's ability to maintain market-leading positions across its portfolio. The consolidated net revenue for the first half of 2024 was Rp160.0 trillion, slightly lower compared with the same period in 2023. The net income, excluding fair value adjustments on investments in GoTo and Hermina, was Rp16.7 trillion, 4% lower than the previous year. Including these fair value adjustments, the net income declined by 9% to Rp15.9 trillion, mainly due to the weaker performance in the heavy equipment and mining business.

The net asset value per share at 30th June 2024 was stable at Rp4,923. Net cash, excluding the Group's financial services subsidiaries, was Rp8.1 trillion at 30th June 2024, compared to Rp29 billion at the end of 2023, mainly due to an overall positive operating cash flow across the businesses. The net debt of the Group's financial services subsidiaries was Rp58.1 trillion at 30th June 2024, compared to Rp52.2 trillion at the end of 2023.

The net income by division in the first half of 2024 showed a decrease in automotive net income by 3% to Rp5.5 trillion, reflecting lower sales volumes in a softer automotive market. Astra's car sales were 17% lower at 232,000 units, while motorcycle sales amounted to 2.4 million units, 4% lower than the same period last year. The components business, Astra Otoparts, reported a 26% increase in net income to Rp1 billion.

Overall, the financial statements for the first half of 2024 showed a mixed performance for PT Astra International Tbk, with challenges in certain sectors but a positive outlook for the remainder of the year.