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JAKARTA, April 27 (Reuters) - Indonesian conglomerate PT Astra International Tbk posted a 16 percent fall in first-quarter net profit on declining car sales and falling commodity prices.
Astra reported net profit of 3.99 trillion rupiah ($307.51 million) for the three months ended March, down from 4.73 trillion a year earlier.
The profit contribution from its automotive business, which makes up 40 percent of Astra's earnings, fell 21 percent in the first quarter, the company said in a press statement.
"Overall, the weak demand during the first quarter was caused by a slowing economy and a fewer number of new products being launched," the statement said.
Price competition due to overcapacity in the Indonesian automotive market also contributed to the lower revenue for Astra.
Meanwhile, its plantation unit, PT Astra Agro Lestari, posted an 80 percent decline in profit due to lower crude palm oil prices and lower sales volumes. Astra Agro's shares fell as much as 11.4 percent on Monday.
Stock market investors anticipated Astra's lower earnings. Astra's shares closed 5.4 percent lower on Monday, ahead of the earnings announcement.
($1 = 12,975.0000 rupiah) (Reporting by Cindy Silviana and Eveline Danubrata; Writing by Fransiska Nangoy; Editing by Clarence Fernandez and Mark Potter)