UT's revenue downs 17% in Q1
Friday, April 26 2013 - 03:28 AM WIB
Indonesia-listed heavy-equipment distributor and coal mining firm PT United Tractors (UT) reported a 17% down in consolidated revenue, from Rp15.03 trillion in 2012 to Rp12.45 trillion in the first quarter in 2013.
It said that net profit as of March 2013 declined by 26% to Rp1.13 trillion from Rp1.53 trillion.
The downward trend of coal sales price has negatively impacted mining business and reduced the gross profit margin to 1.5%, said the company in its quarterly report on Thursday.
According to the company, coal sales of PT Prima Multi Mineral (PMM) and PT Tuah Turangga Agung (TTA) showed a decrease of 23%, from 1.52 million tons in first quarter 2012 to 1.17 million tons.
In addition, said the company, the falling average sales price has resulted in the mining segment?s revenue for first quarter 2013 down by 37%, from Rp1.82 trillion to Rp1.18 trillion.
Editing by Adianto P. Simamora