The heavy equipment solution provider, PT Intraco Penta, Tbk (INTA) recorded a 164.4% jump in net income during the first quarter of this year on the back of robust sales of heavy equipment.
Intraco's net profit in 1Q 2011 reached Rp34.92 billion from Rp13.24 billion a year earlier. President Director Petrus Halim said the steep jump in net profit was mainly driven by a boost in sales of heavy equipment that increased operating income.
INTA heavy equipment sales for Volvo, Bobcat, SDLG, Mahindra and Ingersoll Rand brand, in 1Q this year reached 296 units or almost a 121% increase from 134 units in 1Q last year. The company's operating income rose 96.1% to Rp50.8 billion from Rp25.9 billion.
Total sales surged 114.5% to Rp730 billion from Rp340.3 billion. Total sales in March coupled with orders on hand up to the end of May 2011 reached 1,027 units or around 80% of the 2011 target of 1,293 units. That number has even exceeded the total sales in 2010 amounted to 835 units.
INTA’s revenue is based on the contribution of subsidiaries, respectively PT Intan Baruprana Finance 2%, PT Terra Factor Indonesia (consolidated with PT Karya Lestari) 6%, and PT Columbia Chrome Indonesia 3%.
Meanwhile, based on the business sector, most of INTA’s revenue or 76% was derived from the mining sector, while the rest is from various sectors respectively infrastructure 4%, forestry 1%, agrobusiness 2%, general industry 12%, oil and gas 2%, and others 3%.
Disclosure: No position at the stock mentioned above.
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