Despite posting a MoM decrease in its heavy equipment sales last month, UT managed to post a stable coal production of 6.3mn tons in its mining contractor business. During July, Pama, UT’s arm in this business, also posted a stable amount of overburden at 53.7mn tons compared to 53.8mn tons a month earlier.
Meanwhile, in its coal mine business, UT sold a higher volume of 219k tons last month that made the company’s 7M10 coal sales volume reached 1.42mn tons, 1.9%YoY higher from 1.39mn tons in 7M09.
Overall, the company’s operational data came in inline with our expectation, however, as the company pushes its mining coal contracting output amid rainfall season, it may affect UT’s profitability in 3Q10.
Currently, UNTR is trading at 2011F PER of 12.8x and EV/EBITDA of 6.7x, Hold .
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