Pama H1 net revenue up 39% on higher production

Publicly listed heavy equipment supplier PT United Tractors Tbk (UT) reported Friday its wholly-owned subsidiary mining contractor PT Pamapersada Nusantara (Pama) recorded net revenue of Rp2.55 trillion, or 39.3 percent higher than Rp1.83 trillion revenue of first half 2004.

UT said the higher revenue was contributed by 13.9 percent increased production of coal and 40.6 percent increased volume of overburden.

As of June 2005, Pama produced 16.4 million tons of coal and 125.6 million bcm overburden, as compared to 14.4 million tons of coal and 89.3 million bcm overburden last year, according UT?s quarterly report.

UT also said gross profit margin for the first half this year was 17.5 percent, or better than 15.9 percent margin recorded last year, due to higher coal production. Meanwhile, operating profit margin was also better at 14.9 percent, as compared to last year?s 13.3 percent.

?These results were better than what was expected and able to overcome the impact of Pama?s higher cost at its new project for PT Kaltim Prima Coal,? UT added.

Pama is Indonesia?s largest mining services provider, held a 42 percent of mining contracts in the country last year. The company excavated 200 million cubic meters of overburden resulting about 29 million tons of coal in 2004. (Robert)