UNTR — Net profit declined by 15% yoy due to weak construction machinery segment

UNTR — Net profit declined by 15% yoy due to weak construction machinery segment United Tractors (UNTR) reported a 15% yoy decline in net profit to IDR9.5 tn in 1H24. Weaker performance in the construction machinery and coal mining segments contributed to this decline, which also decreased UNTR's revenue by 6% yoy. Additionally, UNTR faced higher finance costs and losses due to foreign exchange rate fluctuations, further impacting its performance. Despite this, the gold and mineral mining segment recorded a 17% yoy revenue increase to IDR4.37 tn, partially offsetting losses. Moving forward, UNTR aims to reduce its reliance on coal and focus on diversification efforts, including gold mining. (Source: Bisnis Indonesia)