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Indonesian consumer firms lead 1Q earnings growth

Strong earnings growth by big consumer-related companies offset profit declines from base metal and soft commodity companies in the first quarter, suggesting local personal spending remains the backbone of Indonesia’s economy.

Based on the latest Bloomberg data, combined net income of 30 companies in Jakarta Stock Exchange LQ-45 Index – a basket of 45 of the most valuable companies – stood at IDR32.5 trillion (USD3.5 billion) in the January-March period. That’s a 1.4 percent increase from IDR32 trillion in the same period last year.

Astra International, the country’s biggest automotive distributor, was the most profitable company with first-quarter net income up 8 percent to IDR4.65 trillion from a year earlier. 

(Source: Jakarta Globe )