Jakarta. Astra International (ASII) reported first-quarter 2026 net profit of Rp5.85 trillion ($337.2 million), down 16% from the same period a year earlier, as weaker earnings from its mining and heavy equipment businesses outweighed gains in other segments.

Revenue for the January–March period fell 6% year-on-year to Rp 78.7 trillion ($4.5 billion).

“The result was driven by weaker performance in the heavy equipment, mining, construction, and energy division, particularly due to minimal contribution from the gold mining business, as well as lower volumes in the heavy equipment and mining services businesses,” President Director Rudy said in a statement.

Automotive and Financial Services Support Earnings
Net profit from Astra’s automotive and mobility division rose 4% to Rp 2.4 trillion from Rp 2.3 trillion a year earlier, supported by stronger mobility services and spare parts operations despite lower car sales volumes.

Meanwhile, the group’s financial services division posted a 6% increase in net profit to Rp 2.3 trillion, helped by stronger consumer financing contributions and a larger financing portfolio.

Mining Division Slumps
Profit from the heavy equipment, mining, construction, and energy segment plunged 79% to Rp 408 billion, making it the weakest-performing division during the quarter.

Agribusiness and Infrastructure Gain
The agribusiness division recorded a 35% rise in net profit to Rp 298 billion, driven mainly by a 6% increase in crude palm oil (CPO) and derivative product sales to 457,000 tons, while average CPO prices remained relatively stable at Rp 14,556 per kilogram.

The infrastructure division posted a 32% increase in net profit to Rp 343 billion, supported by higher toll road tariffs and rising traffic volumes. The group’s toll road concessions reported a 14% increase in daily revenue.

Technology and Property Improve
Astra’s information technology division reported a 47% jump in net profit to Rp 53 billion, driven by higher revenue from IT solutions and improved operating margins.

The property division posted a 145% surge in net profit to Rp115 billion, largely due to newly acquired industrial warehouse assets.

Balance Sheet and Outlook
Net asset value per share rose 2% to Rp5,810 as of March 31, 2026.

Excluding the financial services subsidiaries, Astra recorded net debt of Rp 1.8 trillion at the end of March, compared with net cash of Rp 7.2 trillion at the end of December 2025. The shift was mainly due to the acquisition of gold mining company Arafura Surya Alam and share buybacks.

Net debt at the group’s financial services subsidiaries rose to Rp 66 trillion as of March 31, from Rp 64.9 trillion at the end of last year.

Looking ahead, Rudy said market conditions are expected to remain challenging amid ongoing geopolitical tensions.

“We will continue to manage short-term challenges carefully and with discipline, while remaining focused on creating value for stakeholders,” he said.