Monday, February 27, 2017
PT United Tractors Tbk (“the Company”) today announced its consolidated financial statements for the financial year 2016. In the report, the Company recorded consolidated net revenue during 2016 decreased by 8% to Rp45.5 trillion compared to Rp49.3 trillion in 2015. The decrease was mainly driven by lower production volume and revenue from Mining Contracting business unit. Contribution in total revenue per business segment was mostly from Mining Contracting segment, that is 53%, followed by 32% from Construction Machinery, 11% from Mining, and 4% from Construction Industry.
Meanwhile, the Company recorded net income of Rp5.0 trillion in 2016, up 30% compared to Rp3.9 trillion in 2015 due to the absence of impairment loss on the carrying value of its coal mining properties which affected in 2015. Excluding the impact of non-cash impairment loss, the 2016 net income would have been 22% lower than 2015 (2015: Rp6.4 trillion).
Construction Machinery Segment
Construction Machinery segment recorded an increase in Komatsu sales volume by 3% to 2,181 units from 2,124 units in 2015. Higher sales volume of heavy equipment originated from construction and mining sectors. Komatsu remains the market leader in heavy equipment market in Indonesia, with market share at 32% (according to internal market research). On the other hand, the revenue of spare parts sales and maintenance services decreased by 5% to Rp5.8 trillion. Overall, total revenue of Construction Machinery segment during 2016 increased to Rp14.6 trillion or rose 7%.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (“PAMA”) which recorded a 21% decrease in net revenue of Rp24.0 trillion compared to Rp30.5 trillion in 2015. This result was primarily driven by lower overburden removal by 8% from 766.6 million bcm to 701.5 million bcm, while coal production was amounted to 109.2 million tons, relatively the same as last year.
The Company’s Mining segment was operated by PT Tuah Turangga Agung. Total coal sales volume in 2016 increased by 48% to 6.8 million tons, driven by increased production capacity and better weather condition. In line with increasing coal sales volume, revenue of Mining business was also increased by 34% to Rp5.1 trillion from Rp3.8 trillion.
Construction Industry Segment
The Construction Industry segment was represented by PT Acset Indonusa Tbk (ACSET). In 2016, ACSET posted an increase in net revenue from Rp1.4 trillion to Rp1.8 trillion, with net income increased by 63% to Rp68.3 billion. ACSET has successfully obtained new contracts worth of Rp3.8 trillion in 2016 compared to Rp 3.1 trillion in 2015.