“Our slowing overall performance in the first quarter of this year was caused by the drop in coal prices,” he said in a statement on Monday.The benchmark ICE Newcastle coal price this year averaged around $65 to $75 per metric ton, lower than the average of $78 per metric ton in 2019, as reported by Kontan on March 27. The lower prices discouraged coal mining activities and hit the company’s business.Although Astra’s subsidiary and publicly listed heavy equipment distributor and mining service provider PT United Tractor (UT) recorded a 25 percent increase in coal sales, that failed to offset a 48 percent contraction in heavy equipment sales and a 9 percent decline in mining service activities.Meanwhile, Astra’s other business segments increased profits during the January to March period. The highest increase was recorded by its agribusiness segment, where profit skyrocketed 887 percent yoy to Rp 296 billion as of March 31, which Prijono attributed to the rise of crude palm oil (CPO) prices.“Although the crude palm oil and palm oil derivative sales volume was down 19 percent, the segment still recorded a jump in profit thanks to the rising CPO price, which was up by 45 percent on average compared to last year,” he said.The profit of the company’s infrastructure and logistics business soared by 356 percent yoy to Rp 73 billion, while that of its property business rose 167 percent yoy to Rp 40 trillion.However, Astra’s biggest profit contributors, the automotive and financial services segments, recorded only slight improvements in performance during this year’s first three months.The automotive segment booked a 1-percent increase in profit to Rp 1.9 trillion despite the 3-percent decline in car sales and 5-percent decline in motorcycle sales during the period.“The increase in profit for this segment was caused by an increase in operating margin and profit from foreign exchange transactions,” said Prijono.The company’s financial services segment also recorded a 1-percent increase in profit to Rp 1.4 trillion during the period, thanks to rising financing for motorcycles.Going forward, the company expected to face more challenges due to social restrictions implemented to curb the spread of the COVID-19, Prijono said.The disease has infected at least 9,500 people in the country with more than 770 deaths as of Tuesday afternoon, official data show, disrupting business activity and hitting demand as customers stay at home following the government’s call to practice social distancing to contain the virus.“This has disrupted Astra Group’s performance in April and is expected to continue until some time in the future,” he said.However, he assured shareholders that the conglomerate remained in a strong financial position that allowed it to mitigate the risks it would face during such a challenging time.Pilarmas Sekuritas equity analyst Maximilianus Nico Demus expected that the company would face bigger pressure as the pandemic’s impacts would rise in the second quarter of this year.“The pandemic will hamper the public’s purchasing power and [eventually Astra’s] sales, particularly in its property and automotive segments,” he told The Jakarta Post on Tuesday, adding that additional pressure would also come from plunging commodity prices following crushing oil prices.Despite the challenges, Maximilianus expressed optimism that Astra would survive the COVID-19 crisis due to its business diversification.“If one segment’s performance drops, other business segments could still cushion the impact so the company can maintain its performance amid the pandemic’s effects,” he said.Astra’s stock traded at Rp 3,740 per share at Tuesday’s close, 0.81 percent higher than the preceding day, while the main gauge of the market, the Jakarta Composite Index (JCI), rose 0.36 percent. Astra’s shares have lost 45.99 percent since the beginning of the year.Topics : Diversified conglomerate PT Astra International expects the COVID-19 pandemic to further affect its already declining financial performance as the outbreak limits social and economic activities.In the first quarter of this year, the publicly listed company booked an 8 percent year-on-year (yoy) decline in profit to Rp 4.8 trillion (US$311.84 million) as its revenue dropped by 9 percent to Rp 54 trillion.President director Prijono Sugiarto attributed the fall in revenue to plummeting sales in the heavy equipment, mining, construction and energy business segment, the third-biggest contributor to the company’s profit.
For all the Latest Sports News News, Asia Cup News, Download News Nation Android and iOS Mobile Apps. New Delhi: The fourth fixture of the Asia Cup takes place on Tuesday, September 18 when India kick-off their 2018 Asia Cup against minnows Hong Kong at the Dubai International Cricket Stadium in the United Arab Emirates (UAE).Hong Kong were outmuscled in their opening fixture against Pakistan losing by eight wickets. Hong Kong opted to bat first and got off to a very decent start, but some inexperience and good quality Pakistan bowling halted any forward momentum that they had built up. Pakistan were able to bowl Hong Kong out for just 116 and then proceeded to chase down the total in 24 overs with only two wickets down.ALSO READ: India vs Pakistan Special Contest – Join now to win exciting hampers!India are fresh off a three-month long tour of England will be looking to get back into white ball mode after a 4-1 Test series loss, which came on the back of a 2-1 ODI series loss.A very busy schedule means some of the more experienced Indian players are rested, so MS Dhoni is back in the mix while Rohit Sharma will be stand-in captain. With the focus back on Dhoni after the team disappointed in England, the ‘Men in Blue’ will still be looking to him for guidance ahead of the World Cup.ALSO READ: Virat Kohli, Mirabai Chanu recommended for Khel Ratna awardIndia should get over this little bump in the road with ease as they gear up for the huge clash against Pakistan on Wednesday. The Indian players will be looking for good performances as these ODIs will be counted as full internationals and the statistics will count towards their career stats.Players to watch: All eyes will be on Dhoni as he creeps towards the end of his career. A good performance in this Asia Cup will silence some of his naysayers. Ehsan Khan is the leading wicket-taker for Hong Kong and should be a key bowler in this game. His right-arm offbreaks picked up Hong Kong’s only two wickets against Pakistan. He currently has 27 wickets in his 14 matches.Stat attack: India and Hong Kong have played one ODI back in 2008 which India won by 256 runs and have a record five Asia Cup titles along with Sri Lanka. The Men in Blue won the last Asia Cup which was held in a 20-over format in Bangladesh in 2016.
Super Eagles’ head coach, Gernot Rohr, has called up 23 players ahead of next week’s crucial 2018 FIFA World Cup qualifying match against the Chipolopolo of Zambia in Uyo.The 23-man list includes majority of the squad that negotiated the double header against African champions Cameroon in the last set of qualifiers. It has 3 goalkeepers, 7 defenders, 6 midfielders and 7 forwards.Only two players namely Portugal-based goalkeeper Dele Alampasu and wing back Tyronne Ebuehi drop out of the last squad with South Africa–based Daniel Akpeyi and Arsenal forward Alex Iwobi making their return from injury to take their spots.Alampasu and Ebuehi have been named on a 5-man list of standby players by Franco-German coach Rohr. Two home-based players, Ifeanyi Ifeanyi and Afeez Aremu, join the aforementioned duo on the list after their heroics at the just concluded WAFU. CSKA Moscow forward Aaron Samuel is the fifth name on the standby list.Nigeria host Zambia on Saturday, October 7 in Uyo with the knowledge that a win would be enough to seal a 6th FIFA World Cup appearance in Russia next summer.All invited players are expected to report to camp in Uyo by Monday, October 2, 2017.Super Eagles List:Goalkeepers: Daniel Akpeyi (Chippa United, South Africa); Ikechukwu Ezenwa (FC IfeanyiUbah); Ayodele Ajiboye (Plateau United FC)Defenders: William Ekong (Bursaspor FC, Turkey); Abdullahi Shehu (Anorthosis Famagusta, Cyprus); Leon Balogun (FSV Mainz 05, Germany); Elderson Echiejile (Sivasspor FC, Turkey); Uche Agbo (Standard Liege, Belgium); Chidozie Awaziem (Nantes FC, France); Olaoluwa Aina (Hull City, England)Midfielders: Mikel John Obi (Tianjin Teda, China); Ogenyi Onazi (Trabzonspor FC, Turkey); Wilfred Ndidi (Leicester City, England); Oghenekaro Etebo (CD Feirense, Portugal); John Ogu (Hapoel Be’er Sheva, Israel); Mikel Agu (Bursaspor FC, Turkey)Forwards: Ahmed Musa (Leicester City, England); Kelechi Iheanacho (Leicester City, England); Moses Simon (KAA Gent, Belgium); Alex Iwobi (Arsenal FC, England); Odion Ighalo (Chang Chun-Yatai, China); Victor Moses (Chelsea FC, England); Anthony Nwakaeme (Hapoel Be’er Sheva, Israel)Standby: Dele Alampasu (Cesarense FC, Portugal); Tyronne Ebuehi (ADO Den Haag, The Netherlands); Aaron Samuel (CSKA Moscow, Russia); Afeez Aremu (Akwa United); Ifeanyi Ifeanyi (Akwa United)Related2018 FIFA World Cup Qualifier: Gernot Rohr Release Super Eagles List For Cameroon ClashAugust 23, 2017In “National Team”Russia 2018: We Are Not Ready For The World Cup – Rohr (AUDIO)April 26, 2018In “National Team”Rohr Restates Preference For Foreign-based Players (AUDIO)March 10, 2020In “Featured”