Mon, 15 May 2000

United Tractor books profit

JAKARTA (JP): Publicly listed PT United Tractors announced on Friday a consolidated net profit of Rp 456.69 billion (US$491.02 million) in 1999, a reversal of its net loss of Rp 718.50 billion in 1998.

Company director Djoko Pranoto Santoso said here the turnaround was due to an increase in the company's various sources of income.

He said the company's operating income dropped 28 percent from Rp 1.07 trillion in 1999 to Rp 771.21 billion last year, due to a sharp increase in the cost of goods sold.

Total revenue rose to Rp 3.83 trillion last year from Rp 3.68 trillion in 1998, but the increase in operating costs cut the company's operating profit.

The company's activities focus on the trade and production of construction and mining machinery and heavy equipment, and mining operations. (07)