19th Apr 2023 13:18
(Alliance News) - Jardine Matheson Holdings Ltd announced on Wednesday that investee PT Astra International Tbk saw increased sales in the first-quarter.
Jardine Matheson's 77%-owned subsidiary, Jardine Cycle & Carriage Ltd, holds just over 50% of Astra, an Indonesia-based conglomerate with interests in various industries including automotive, agriculture and property.
Jardine Matheson reported that Astra's net revenue in the first three months to 2023 rose 15% to IDR82.98 billion, around GBP4.5 million, from IDR71.87 billion a year earlier.
The group's sales in motorcycles and cars were up by 51% and 6% respectively, and Astra received "higher contributions from most businesses" over the quarter.
Jardine Matheson stated that Astra was experiencing a "strong financial and funding position".
Astra's President Director Djony Bunarto Tjondro said: "The group's results were satisfactory in the first quarter of 2023, supported by improved performances by most businesses.
"Although the group's performance for the rest of the year is likely to be affected by the global economic environment and softening commodity prices, [it] is cautiously optimistic about Indonesia's economic resilience and is well-positioned to benefit from its continued economic recovery."
In April, Astra formed a joint venture with digital infrastructure company Equinix Inc, with 25% and 75% ownership respectively, to develop data centres in Indonesia.
Shares in Jardine Matheson were untraded in London on Wednesday, at USD47.89.
By Emma Curzon, Alliance News reporter
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