Jakarta. Indonesian conglomerate Astra International (ASII) posted Rp12.5 trillion ($692.1 million) in first-half net profit as stronger automotive and financial services businesses partly offset a downturn in its mining and heavy equipment operations, which weighed on overall earnings.

The company posted consolidated net revenue of Rp157.9 trillion ($8.74 billion) for the six months ended June 30, down 3% from a year earlier, while net profit fell 19% to Rp12.5 trillion ($692.1 million) from the same period last year.

Excluding non-recurring items, underlying net profit declined 7% to Rp14.9 trillion ($824.8 million). Astra recorded Rp2.4 trillion ($132.9 million) in non-recurring charges, mainly related to fair value adjustments on equity investments and impairment losses.

The group's overall earnings were dragged down by its mining solutions and heavy equipment business, reflecting lower contributions from its gold mining operations, weaker heavy equipment sales, and declining volumes in its mining services and coal mining divisions.

"During the first half of 2026, Astra recorded higher contributions from its automotive and financial services businesses. However, lower contributions from the mining solutions and heavy equipment business resulted in an overall decline in the group's net profit," President Director Rudy said in a statement on Thursday.

Astra said its net asset value per share rose 1% to Rp5,763 ($0.32) as of June 30.

The company also shifted to a net debt position of Rp6 trillion ($332.2 million), excluding its financial services subsidiaries, compared with a net cash position of Rp7.2 trillion ($398.6 million) at the end of 2025. The change was mainly driven by the acquisition of gold mining company PT Arafura Surya Alam, share buybacks and working capital movements.

Net debt at Astra's financial services subsidiaries increased to Rp67 trillion ($3.71 billion) at the end of June from Rp64.9 trillion ($3.59 billion) six months earlier.

In May, Astra unveiled a new corporate strategy aimed at delivering sustainable long-term shareholder returns by focusing on its three core businesses: automotive, financial services, and mining solutions and heavy equipment.

The strategy also includes a more disciplined capital allocation framework, covering dividends and share buybacks, alongside an organizational transformation through leadership alignment.

Following shareholder approval at an extraordinary general meeting on July 17, Astra launched a new share buyback program of up to Rp8 trillion ($442.9 million) over the next 12 months.

Its listed subsidiary PT United Tractors Tbk also announced a separate share buyback of up to Rp2 trillion ($110.7 million) to be completed within three months.

Since November 2025, Astra and United Tractors have completed share buybacks totaling Rp7.4 trillion ($409.7 million) through the end of June, underscoring their commitment to enhancing shareholder returns.

Despite persistent global economic uncertainty, Astra said it remains focused on executing its new corporate strategy.

The company expressed confidence that its operational strength, resilient business portfolio and solid balance sheet, supported by disciplined capital allocation, would help it navigate ongoing business challenges.