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United Tractors' revenue fell by 19% YoY in 2019

28 April 2020 07:16

JAKARTA. The revenue of PT United Tractors Tbk (UNTR) dropped by 19% YoY to Rp 18.3 trillion, while its net profit also fell by 40%. The main cause of the decline is weakening coal prices. 

Sara K Loebis, Corporate Secretary of UNTR, said on Monday (27/4) that the global economic slowdown was the cause of the weakening of coal prices. These conditions, said Sara, were exacerbated by exchange rate losses recorded by the company. All of those caused UNTR's net profit to fell by 40% to Rp 1.80 trillion.

In the first quarter of 2020, UNTR suffered a foreign exchange loss of Rp 557.75 billion, higher than the figure recorded in the same period last year of Rp 107.77 billion.

The construction machinery business segment recorded the worst decline of 47.02% to Rp 5.88 trillion. The company only managed to sell 617 units of Komatsu heavy equipment, down from 1,181 units recorded in Q1 2019. UNTR's revenue from sales of spare parts and equipment maintenance services also fell by 21% to Rp 1.7 trillion.

Likewise, income from its subsidiaries also declined, with only PT Agincourt Resources (PTAR), operator of Martabe gold mine that recorded 1.56% growth to Rp 1.95 trillion due to the rising average selling price of gold in Q1 2020. (AM/AR)

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