Jardine Matheson Holdings Ltd's 79%-owned subsidiary, Jardine Cycle & Carriage Limited, released the 2024 First Quarter Financial Statements for PT Astra International Tbk. The financial results showed a 5% decrease in net earnings per share compared to the same period last year, with car sales down 20% and motorcycle sales down 8%. However, there was a higher contribution from financial services, and the company's diversified portfolio is well-positioned for long-term growth.
The Group's consolidated net revenue for the first quarter of 2024 was Rp81.2 trillion, a 2% decrease from the first quarter of 2023. The net income, excluding fair value adjustments on investments in GoTo and Hermina, was Rp8.1 trillion, 5% lower than in the first quarter of 2023. Including these fair value adjustments, the Group's net income declined by 14% to Rp7.5 trillion. The lower result mainly reflects decreased performance in the Group's heavy equipment and mining and automotive businesses.
The net asset value per share at 31st March 2024 was Rp5,113, 4% higher than at 31st December 2023. Net cash, excluding the Group's financial services subsidiaries, was Rp7.4 trillion at 31st March 2024, compared to Rp29 billion at the end of 2023. Net debt of the Group's financial services subsidiaries was Rp54.3 trillion at 31st March 2024, compared to Rp52.2 trillion at the end of 2023.
The Group's net income by division in the first quarter of 2024, compared with the same period last year, showed a decrease in automotive and heavy equipment, mining, construction, and energy divisions. However, there was an increase in net income from financial services, infrastructure and logistics, and information technology divisions.
In the automotive division, Astra's car sales were 20% lower at 120,000 units, while market share increased from 53% to 56%. Astra Honda Motor's sales decreased by 8% to 1,324,000 units, with market share decreasing from 79% to 76%. Astra Otoparts, the Group's 80%-owned components business, reported a 10% increase in net income to Rp475 billion in the first quarter of 2024, mainly due to higher earnings from exports which offset lower domestic original equipment manufacturer sales.
Overall, the financial statements indicate the impact of subdued economic conditions and lower coal prices on the company's performance. However, the company remains positive about Indonesia's economic growth and is supported by a strong balance sheet and a well-diversified portfolio to seize long-term growth opportunities.