United Tractors? Q1 net profit drops 55%
Tuesday, April 26 2016 - 01:20 PM WIB
IDX-listed mining and heavy equipment firm PT United Tractors Tbk reported on Tuesday losses amounting to Rp 730.5 billion in the first quarter of 2015 (Q1 2016), a 55 percent drop year-on-year (YOY).
The firm ascribed the losses to declines in the revenue in all of its business lines. The firm booked Rp 10.7 trillion in consolidated revenue in Q1 2016, a drop of 15 percent from the same period of last year. The firm?s business lines ? construction machinery, mining contactor service, mining, and construction industry ? contributed 32 percent, 52 percent, 12 percent and 4 percent to the consolidated revenue, the firm said in a statement.
In line with the decrease in revenue, gross profit fell by 27 percent from Rp 2.6 trillion to Rp 1.9 trillion. As a result of increases in other expenses, including foreign exchange losses, earning before income tax fell 57 percent to Rp 950.2 billion. Earnings after income tax deduction reached Rp 748.7 billion, down from Rp 1.6 trillion.
The firm?s mining unit, PT Tuah Turangga Agung (TTA), recorded 1.8 million tons in coal sales, up 2 percent from 1.7 million tons in the same period of last year. Sales however dropped 11 percent to Rp 1.3 trillion due to weak prices.
The firm?s mining contractor unit, PT Pamapersada Nusantara (PAMA), recorded a drop of 20 percent in revenue to Rp 5.6 trillion. The drop in the revenue occurred due to a decrease in coal production volume to 24.5 million tons from 25.5 million tons, while the volume of overburden removal by the firm dropped to 163.4 million bcm from 174.9 bcm.
In construction machinery business, sales of Komatsu machineries reached 499 units in Q1 2016, a drop of 35 percent from the same period of last year. This came a result of the drops in demand across all sectors, except for the construction sector which still indicated a growth of demand. Of all sales, 48 percent was recorded in the construction sector, 21 percent in mining sector, 16 percent in forestry sector, 15 percent in plantation sector.
Editing by Johannes Simbolon