Apr 26, 2012

United Tractors 1Q profit rises 18.60%

Coal mining contractor and Komatsu heavy equipment distributor PT United Tractors Tbk (UNTR) reported a 18.60% increase in net profit during the first quarter of this year on the back of higher net revenue. 
United Tractors posted Rp1.53 trillion net profit in 1Q 2012 or Rp409 a share from Rp1.29 trillion in 1Q 2011 or Rp390 a share.
EBITDA increased 16.06% to Rp2.89 trillion from Rp2.49 trillion. UNTR booked a 13.53% in operating profit to Rp1.93 trillion from Rp1.7 trillion, signalling a decrease in margin to 12.9% from 13.4%.
Gross profit rose 17.04% to Rp2.61 trillion from Rp2.23 trillion, while net revenue increased 18.81% to Rp15.03 trillion from Rp12.65 trillion.
The higher revenue was driven by the revenue of mining contracting unit that rose 32.4% and mining with 36.9% increase. Construction machinary business posted a 6.4% increase in revenue. 
Operational performance
In the first quarter of this year, Komatsu sales volume reached 2,207 units, flat compared to the same period last year. The biggest contributor for the sales remained mining sector with 63%, plantation with 20%, and construction and forestry with 12% and 5%.
Komatsu is estimated to controll Indonesia's heavy equipment market with 44% stake. In the mining contracting, UNTR's subsidiary dubbed PT Pamapersada recorded a 32.4% increase in revenue to Rp5.93 trillion from Rp4.48 trillion. 
Coal production was 21.2 million tons, a 9% increase from 19.4 million tons, while overburden removal rose 17% to 196 million bank cubic meter (bcm) from 167.4 million bcm.
PT Prima Multi Mineral and PT Tuah Turangga Agung, subsidaries of Pamapersada, sold 838,000 tons of coal and 689,000 tons respectively in 1Q 2012. In total, they sold 1.53 million tons, a 52% increase from the same period last year. In return, revenue of those subsidiaries rose 36.9% to Rp1.82 trillion from Rp1.33 trillion.

Disclosure: No position at the stock mentioned above. 

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