United Tractors 1H12 Earnings
United Tractors’ (UNTR) 2Q12 revenue grew 19.48% y-o-y or 3.70% q-o-q. Net profits rose 21.35% y-o-y or 1.99% q-o-q to IDR3.09trn, accounting for 49.60% of our FY12 forecast and largely in line with our expectation. The bottom-line growth was mainly contributed by Construction Machinery segment (70.57% gross profits growth y-o-y, despite a slow 0.09% q-o-q)..
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