UT?s net profit jumps 80%

Petromindo|Boim

IDX-listed heavy equipment and mining firm PT United Tractors Tbk (UT) said that consolidated net revenue as of September 2017 recorded a 36 percent increase to Rp46.3 trillion from Rp33.9 trillion in the same period 2016, driven by improved performance in all business segments.

The company said in a statement obtained on Thursday that net profit jumped by 80 percent, which was Rp 5.7 trillion compared to Rp 3.1 trillion due to higher operational volumes and better profit margins. Earnings per share as of September 2017 was Rp1,512, a 80 percent increase from Rp838.

Construction Machinery segment recorded an increase in Komatsu sales volume by 73 percent to 2,744 units from 1,588 units. Sales of spare parts and maintenance services were up 21 percent to Rp5.1 trillion. In total, Construction Machinery segment recorded 64 percent increase in revenue to Rp17.4 trillion.

Mining Contracting business segment recorded 20 percent increase in net revenue to Rp21.2 trillion, with 82.4 million tons coal production (up 5 percent year-on-year) and 585.0 million bcm overburden removal.

Mining business segment recorded coal sales volume decreased by 12 percent to 5.1 million tons due to lower volume from coal trading business, while net revenue increased by 34 percent to Rp5.6 trillion due to higher average coal selling price.

The fourth segment, Construction Industry recorded 51 percent net revenue growth to Rp1.9 trillion.

Overall to the company consolidated net revenue, Mining Contracting segment contributed 46 percent, followed by 38 percent from Construction Machinery, 12 percent from Mining, and 4 percent from Construction Industry.

Editing by Reiner Simanjuntak