The company posted Rp812bn in net profit during 1Q09, up by 35% YoY. The numbers came in ahead of our and consensus estimates, representing some 40% and 36% of full year target, respectively.
Better than expected result was attributable to Rupiah depreciation that helped push gross margin on equipment distribution and mining contracting, and higher selling price on coal. Therefore, this number should not be annualized, in our view, but still strong figures indeed.
Total revenue was up by 20% YoY, driven largely by contribution form mining contracting, up by 46% YoY, and coal mining, up by 20% YoY. Note that total equipment sales volume was down by 46% YoY, with sales to mining sector as the only support.
More to follow later. At this juncture, we maintain our BUY rating on the company.
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