Distributor of Komatsu heavy equipment PT United Tractors Tbk (UNTR) reported a 76.5% increase in Komatsu sales as during the first four months of this year (4M 2011).
United Tractors sold 2,974 units of the equipment in 4M 2011 from 1,685 units a year earlier, said a morning note distributed by Mandiri Sekuritas today.
"The 4M11 Komatsu sales volume exceed our forecast and market forecast. 4M11 komatsu sales volume represents 42.5% of our FY11F assumption of 7,000 unit and 49.6% of market FY11F assumption of 6,000 unit," the note said.
United Tractors, via its wholly owned subsidiary PT Pamapersada Nusantara, Indonesia's largest coal mining contractor, recorded 227.7 million bank cubic meter (bcm), a 11% growth from 205.1 million bcm a year earlier.
Coal production slightly increased 2.8% to 25.4 million tons from 24.7 million tons. United Tractors's coal miner units sold 1.42 million tons of coal, a 51.2% jump from 939,000 tons.
"The 4M11 overburden removal is inline with our FY11F, which represents 31.3% of our FY11F of 727 million bcm. The coal production is inline with our FY11F, which represents 30.6% of our FY11F of 30.6 million tons," the note said.For coal mining business, the 4M11 coal sales exceed Mandiri Sekuritas' FY11F, which represents 47.3% of FY11F of 3 million tons.
Disclosure: No position at the stock mentioned above.
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