Indonesian companies have reported lower earnings with the industrial and consumer services affected the most.
Earnings so far are 6.8% lower on aggregate than analyst estimates, with industrial and consumer services sectors disappointing the most, lagging 18.5% and 17.9%, respectively. Weak consumer sentiment has contributed to a lacklustre performance of the nation’s benchmark index, whose 2.9% gain this year is well behind the 8.7% gain for the MSCI Asia Pacific Index.
Major conglomerate PT Astra International, for instance, saw its net income fall 5.6% in the first half from the year-earlier period.
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