April 24, 2018 / 10:32 AM / 5 months ago

UPDATE 1-Indonesia's Astra Q1 profit falls 2 pct amid lower auto sales

* Q1 net income falls 2 pct

* Astra Q1 car sales drops 12 pct

* Mining business cushions profit drop (Adds details, United Tractors results, quote)

JAKARTA, April 24 (Reuters) - Indonesian conglomerate PT Astra International Tbk posted a 2 percent decline in first-quarter net profit amid lower automotive sales, the company said.

Astra’s net profit for the quarter fell to 4.98 trillion rupiah ($358.66 million) from 5.08 trillion rupiah in the year- earlier period.

Income from its automotive, finance and agribusiness units fell, while growing income from its mining-related business helped soften the blow, Astra said in a statement.

Astra’s car sales in the first quarter fell 12 percent from a year earlier, underperforming the national car sales growth of 3 percent.

Automotive business, which include distribution of Toyota cars, traditionally makes up over 40 percent of Astra’s total income.

Meanwhile, PT United Tractors, Astra’s heavy equipment and mining unit, posted a 69 percent growth in profit, partly due to higher coal prices.

“Astra Group is expected to continue benefit from stable coal prices, while competition in car market is expected to continue rising,” said Prijono Sugiarto, Astra’s president director, in the statement. ($1 = 13,885 rupiah) (Reporting by Fransiska Nangoy; Editing by Muralikumar Anantharaman and Gopakumar Warrier)

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