Feb 27, 2012

United Tractors, look at the cash!

PT United Tractors Tbk (UNTR), a parent of Indonesia's largest coal mining contractor PT Pamapersada Nusantara, recorded a 52.45% increase in net profit last year.
United Tractors, controlled by PT Astra International Tbk (ASII), booked Rp5.90 trillion net profit last year from Rp3.87 trillion a year earlier, mainly driven by a robust growth in net revenue.
Operating profit rose 47.67% to Rp7.62 trillion from Rp5.16 trillion. However, UNTR's operating marging was relatively flat at 13.8%.
Gross profit surged 50.07% to Rp10.19 trillion from Rp6.79 trillion, while net revenue increased 47.51% to Rp55.05 trillion from Rp37.32 trillion.
Look at the cash
Despite flat margins, United Tractors reported  a steep jump in net cash flow from operating activities of 331.40%.
United Tractors' net cash from operating reached Rp10.44 trillion from Rp2.43 trillion.
By end of the period, cash and cash equivalent of United Tractors soared to Rp7.14 trillion from Rp1.34 trillion.
In January 2012, Pamapersada has entered into interest rate swap contract with notional amount of US$5 million with Sumitomo Mitsui Banking Corporation Ltd to convert floating interest rate into fixed rate.
Within the same month, Pamapersada has also signed interest swap contract worth US$30 million with PT ANZ Panin Bank.

Disclosure: No position at the stock mentioned above.

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