UT?s Q1 revenue increases 28%
Friday, April 28 2017 - 01:07 AM WIB
Courtesy of UT
IDX-listed heavy equipment and mining firm PT United Tractors Tbk (UT) saw its consolidated net revenue for the first quarter (Q1) 2017 increased by 28 percent from Rp10.7 trillion in the same period of 2016 to Rp13.7 trillion as due to increased sales of heavy equipment, coal production, overburden removal, and coal sales.
The company said in a statement last week net income jumped by 105 percent to Rp1.5 trillion in the January-March 2017 period compared to Rp 730.5 billion in the corresponding period of last year due to higher operational volumes, profit margin, and favorable exchange rate.
Construction Machinery segment recorded an increase in Komatsu sales volume by 70 percent to 847 units from 499 units. Sales of spare parts sales and maintenance services increased by 16 percent to Rp1.6 trillion. In total, Construction Machinery segment recorded an increase in revenue at 42 percent to Rp4.8 trillion. Mining Contracting business segment recorded an increase in net revenue at 13 percent to Rp 6.3 trillion, with 25.0 million tons coal production and 169.7 million bcm overburden removal. Mining business segment recorded coal sales volume of 1.9 million tons, with net revenue increased by 62 percent to Rp2.1 trillion. The fourth segment, Construction Industry recorded 11 percent net revenue growth to Rp506 billion.
Overall to the company consolidated net revenue, Mining Contracting segment contributed 46 percent, followed by Construction Machinery with 35 percent, Mining with 15 percent, and Construction Industry with 4 percent contribution.
On March 23, 2017, the Company through its subsidiary PT Tuah Turangga Agung has completed the acquisition of 80.1 percent ownership in PT Suprabari Mapanindo Mineral. On March 31, 2017, PT Bhumi Jati Power, a joint venture company owned by Sumitomo Corporation, The Kansai Electric Power Co., Inc., and PT United Tractors Tbk, through wholly-owned subsidiaries, has completed the required conditions precedent for the project financing of Tanjung Jati B coal-fired power plant Units 5 & 6 (generation capacity of 2x1,000 MW).
Editing by Reiner Simanjuntak