Quarterly
Report

United Tractors (UT/the Company) today released its consolidated financial statements until third quarter of 2020. The COVID-19 pandemic and weakening coal price have severely impacted the Company’s overall performance. As of September 2020, the Company recorded net revenue of Rp46.5 trillion, decreased by 29% compared to Rp65.6 trillion in the corresponding period last year. The Company’s net profit was recorded at Rp5.3 trillion, decreased by 38% from Rp8.6 trillion.

Heavy equipment sales under Construction Machinery segment recorded a decrease in Komatsu sales volume by 54% to 1,191 units from 2,568 units. Sales of spare parts and maintenance services decreased by 31% to Rp4.7 trillion. Overall, Construction Machinery segment recorded revenue of Rp10.3 trillion or down 43%. Mining Contracting segment recorded 26% lower in net revenue at Rp22.1 trillion, with 85.3 million tons of coal production and 630.8 million bcm of overburden removal. Coal Mining segment was able to increase coal sales volume to 7.1 million tons, with net revenue decreased by 11% to Rp7.5 trillion, reflecting the decline in coal price. Gold Mining segment recorded revenue of Rp5.5 trillion, and gold sales volume achieved 256 thousand ounces. The last segment, Construction Industry, recorded net revenue of Rp958 billion or down 69%.

To the Company’s consolidated net revenue, Mining Contracting segment contributed 48%, followed by 22% from Construction Machinery, 16% from Coal Mining, 12% from Gold Mining and 2% from Construction Industry. 

Bhumi Jati Power, which is 25%-owned by the Company, is in the process of constructing 2×1,000 MW coal fired power plant in Jepara, Central Java. Until September 2020, the construction progress has reached 95% and is scheduled to start commercial operation at the end of 2021.