· United Tractors results are broadly in-line with our expectation.
· 1Q10 revenue came in at Rp8.7tn, +10% QoQ and +25% YoY. This accounts 27% of our FY forecast and 26% of consensus.
· Operating profit is Rp1.3tn, +10% QoQ, but -2% YoY, accounts for 26% our forecast but only 22% of the consensus.
· Net profit rose by 6% QoQ and 12% YoY to Rp907bn, makes up 23% of our forecast and 22% of consensus.
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