Thursday, February 25, 2010

United Tractors profit soars 43.5%

PT United Tractors (UNTR) Tbk reported net profit of Rp3.817 trillion or about US$406 million last year, increased 43.5% from 2008 on improved margins. Sales revenue actually grew only by 4.8% to Rp29.24 trillion.
UNTR reported EBITDA of Rp7.37 trillion last year or 25.2% margin against 21.1% in 2008. Construction machinery sales declined 11% to Rp10.98 trillion due to substantially lower volume of heavy equipment sales to mining, plantations, and forestry sector. Komatsu sales dropped 28% to 3,111 units. Nissan Diesel sales also declined from 781 to 634 units.
Mining contractor Pamapersada contributed Rp15.42 trillion of sales revenue, increased 33% from 2008 on higher coal production of 15% to 68 million tons. In the meantime, own coal production declined 35% to 2.4 million tons.
UNTR closed at Rp17150. With EPS of Rp1147 last year, the stock is traded with PE multiple 15 on 2009 earnings. At the current price, UNTR has market cap of Rp57 trillion or about US$6.1 billion, the tenth largest on IDX.




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