UT books Rp 5.90 trillion net profit in 2011
Tuesday, April 3 2012 - 12:45 AM WIB
Heavy equipment distributor and mining firm PT United Tractors Tbk has recorded 48 percent increase of consolidated revenue throughout 2011, from Rp 37.32 trillion in 2010 to Rp 55.05 trillion.
The increase was attributable to sharp increase in heavy equipment sales distributed by construction machinery business unit, which contributed 49.4 percent to the company?s consolidated revenues, and the increased coal production generated by mining contractor subsidiary PT Pamapersada Nusantara which contributed 40.7 percent, while the remaining 9.9 percent came from mining business unit run by PT Prima Multi Mineral and PT Tuah Turangga Agung.
"The conducive Indonesia?s macro economic conditions, as well as normal weather conditions which supported the optimization of operations in mining contracting and mining business, allowed the company?s profit to grow significantly," UT said in a statement.
The company?s gross profit increased about 50 percent from Rp 6.80 trillion to Rp 10.19 trillion, boosting its net profit by 52 percent from Rp 3.87 trillion in 2010 to Rp 5.90 trillion in 2011.
Capturing the opportunity in the rapidly growing sectors of heavy equipment users, the construction machinery business unit recorded a new record of Komatsu heavy equipment sales, rising to a total of 8,467 units, a 57 percent increase over total sales of 5,404 units recorded in 2010, followed by an increase in market share from 46 percent to 49 percent.
"Based on our internal research, this success was achieved in the midst of increasing competition and growing market of national heavy equipment to 17,360 units from a figure 11,781 units in 2010," the company said.
Out of the total Komatsu sales volume, the largest portion of sales went to mining sector, namely by 67 percent, followed by plantation which contributed 17 percent, followed by construction and forestry sectors at 10 percent and 6 percent, respectively. Revenue from spare parts sales and maintenance services showed a growth of 18 percent from 2010.
On the mining contracting business, increased demand and price of coal accelerated UT's activity in the sector. Pamapersada responded well to the higher demand for coal mining service by delivering 11 percent increase in coal production and 22 percent growth in overburden removal, 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, respectively. On coal mining business, UT recorded an increase in coal sales volume from 3.1 million tons to 4.5 million tons in 2011.
The company stated to have distributed the interim dividend for 2011 on November 11, 2011 in the total amount of Rp 690.1 billion, or Rp185 per share, while the final dividend figure will be proposed at the Company?s Annual General Meeting of Shareholders this month.
Editing by David Mustakim