Astra's net profit holding up better than expected - due to the strong performance of United Tractors, comment by Wilianto
Astra International (ASII IJ)'s net profit down 17% yoy and +3% qoq to Rp1.87tn. The net profit in 1Q09 amounted to 32% of our full year forecast, but we expect earnings momentum to remain weak in the coming quarter.
1Q09 profit is boosted by strong performance of United Tractors (UNTR IJ - Rp7,400 - BUY),+57% YoY, that is well above our expectation and market consensus.
Excluding United Tractors, Astra’s net profit was down 29% from last year as earnings fell sharply in motorcycle (-45% yoy) and agribusiness (-74% yoy).
We remain negative and believe earnings recovery will be slow.
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