Kobexindo, Intraco see higher H1 revenues

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JAKARTA: Heavy equipment distributors PT Kobexindo and PT Intraco Penta both reported higher revenues in the first half of 2012, but while Kobexindo’s profits soared, that of Intraco plummeted due to foreign exchange losses.

The two publicly listed companies reported strong revenues in spite of slowing business in the coal mining sector.

Net revenues for Kobexindo — which holds the distributing licenses for Doosan, NHL, Mercedes Benz, Tata Daewoo and Jungheinrich — soared 44 percent from a year earlier to Rp 752.26 billion (US$79 million) and net profits jumped 72 percent to Rp 60.2 billion.

“We plan to venture into construction and plantation sectors next year in anticipation to lower coal prices,” he said.

Intraco meanwhile reported that its net profit slumped by 46 percent to Rp 33.32 billion in the first half of this year, although revenues went up 22 percent to Rp 1.65 trillion and sales by 28 percent to Rp 1.44 trillion.

Investor relations head Imam Liyanto said Intraco lost Rp 56.27 billion in foreign exchange transactions, accounting for the sharp drop in net profit.

The company, which holds the licenses of Volvo, Ingersoll Rand, Bobcat, Mahindra and SDLG brands relies mostly on its heavy equipment division, which account for 83 percent of sales, and spare parts for the rest.