United Tractors revenue up, net profit fell
Wednesday, February 27 2013 - 11:43 AM WIB
IDX-listed heavy equipment distributor and coal miner PT United Tractors Tbk has just announced that its consolidated revenue for 2012 went up by 1.6 percent from the year before, from Rp 55.05 trillion to Rp 55.95 trillion, while net profit for the year down by 2.1% to Rp 5.78 trillion from Rp 5.90 trillion.
"The net revenue was achieved amid less favorable conditions, with the weakening of coal sales prices that substantially reduced demand for heavy equipment resulting from the reduction in mining activities," the company said in a statement made available at the exchange.
Its construction machinery business had recorded Komatsu sales volumes amounting to 6,202 units, a fall of 26.8 percent from the 2011 sales volume of 8,467 units at 43 percent market share. Spare part sales and maintenance services for heavy machinery, nevertheless grown by 21.1 percent up from Rp 4.68 trillion to Rp 5.89 trillion. Revenue from the business during 2012, the company said, fell by 18.5 percent to Rp 22.16 trillion from Rp 27.20 trillion the year before.
In mining contracting business through PT Pamapersada Nusantara, coal production went up by 8.8 percent from 86.8 million tons to 94.4 million tons, with overburden removal rose 7.4 percent from 796.4 million bcm to 855.5 million bcm. Mining contracting segment became one of the two profitable businesses the company recorded in 2012 with 24.9 percent higher revenue to Rp 27.99 trillion from Rp 22.42 trillion.
The second profitable business was sales of coal through PT Prima Multi Mineral (PMM) and PT Tuah Turangga Agung (TTA), which gone up by 24.1 percent, from a volume of 4.5 million tons in 2011 to 5.6 million tons in 2012.
"The increased coal sales volume is due to increased production capacity by PT Tuah Turangga Agung. However, the falling average sales price has resulted in the mining segment?s revenue for 2012 increasing only by 6.8 percent, from Rp 5.43 trillion to Rp 5.80 trillion," it said.
Editing by Er Audy Zandri