UT?s mining unit suffers 44% drop in H1 revenue
Monday, July 29 2013 - 11:14 AM WIB
IDX-listed PT United Tractors Tbk (UT) said on Monday that its mining segment revenue through PT Prima Multi Mineral and PT Tuah Turangga Agung recorded a drop by 44% to Rp 2.0 trillion and accounted for 8% of total consolidated revenue.
?The decrease in revenue was due to the decrease in coal sales volume by 29% to 2.2 million tons and lower average selling price of coal,? the company said in the first semester?s financial report.
The company said that its performance for the first half of 2013 in general has shown a decrease compared to the same period in 2012.
For the first semester 2013, UT?s consolidated revenue reported down by 19% to Rp 24.9 trillion from Rp 30.6 trillion in 2012, while the company?s net profit declined by 25% to Rp 2.3 trillion from Rp 3.1 trillion.
Net revenue for Construction Machinery segment decreased by 40% to Rp 8.5 trillion and contributed 34% of total consolidated revenue.
Komatsu sales volume reached 2,452 units or fell by 42% from 4,231 units in the previous year due to reduced demand from the mining and plantation sectors, which are affected by low commodity prices of coal and CPO, said the company .
Out of the total Komatsu sales volume, the largest portion of sales went to mining sector by 48%, construction sector by 23%, plantation sector by 21%, and the remaining 8% to the forestry sector.
In the midst of tight competition, Komatsu maintained its position as market leader with a market share of 41%.
In line with weaker demand for heavy equipment, revenue of spare parts and maintenance services was down to Rp 2.5 trillion, a fall of 18%. Sales of other products, such as UD Trucks decreased from 310 units to 287 units, while Scania trucks increased from 258 units to 263 units.
Meanwhile, PT Pamapersada Nusantara (Pama), the company?s subsidiary in mining contracting recorded net revenue of Rp 14.4 trillion and contributed 58% of total consolidated revenue, with an increase in total coal production volume from 44.5 million tons to 50.1 million tons and overburden removal from 407.3 million bcm to 414.5 million bcm.
Editing by Adianto P. Simamora