United Tractors?s net profit surges 52% to Rp 5.90 trillion
Saturday, February 25 2012 - 03:49 AM WIB
Indonesia-listed heavy equipment distributor and coal mining firm PT United Tractors Tbk showed a solid performance in its 2011 financial report with consolidated revenues rising 48 percent from Rp 37.32 trillion in 2010 to Rp 55.05 trillion this year.
The company attributed the revenue increase to the sharp increase of heavy equipment sales---mainly the Construction Machinery business unit, which contributed 49.4 percent to the company?s total consolidated revenues, and the surge in the coal production of mining subsidiary PT Pamapersada Nusantara (Pama) which contributed 40.7 percent.
The other 9.9 percent of the company?s revenues were contributed by other mining units PT Prima Multi Mineral (PMM) and PT Tuah Turangga Agung (TTA).
With its high growth of revenue, United Tractors? gross profit increased 50 percent from Rp 6.80 trillion to Rp 10.19 trillion, whereas net profit rose by 52 percent from Rp 3.87 trillion to Rp 5.90 trillion.
The Construction Machinery business unit booked a new record of Komatsu heavy equipment sales, which increased by 57 percent from a total sales of 5,404 units in 2010 to a total sales of 8,467 units this year. It has also resulted in an increase of market share from 46 percent last year to 49 percent this year.
On the mining business, increased demand and price of coal accelerated the activity in this sector.
Its subsidiary Pama responded well to the higher demand for coal mining service and showed its best performance by delivering 11 percent increase in coal production and 22 percent growth in overburden removal, or from 77.9 million tons of coal and 651.5 million bcm overburden removal to 86.8 million tons and 791.7 million bcm in 2011.
On coal mining business, United Tractors recorded an increase in coal sales volume from 3.1 million tons to 4.5 million tons.
On 11 November 2011, the company distributed an interim dividend for 2011, in the total amount of Rp 690.1 billion, or Rp185 per share. The final dividend will be proposed at the the Annual General Meeting of Shareholders in April 2012.
Editing by Benget Besalicto Tnb.