JAKARTA (Yosefardi) – PT Cipaganti Citra Graha Tbk (DPGT), transportation services unit of Cipaganti Group, plans to spin-off its heavy equipment business segment as the segment’s contribution is now in declining inline with the slowdown in mining industry.
In 2013, heavy equipment business segment contributed revenue of Rp110.75 billion, declined 26.5% from Rp150.71 billion in 2012. Heavy equipment segment contributed 17.3% of total revenue last year (Rp646.22 billion), compared to 23.57% contribution a previous year.
In first quarter of this year, CPGT only booked net profit of Rp7.18 billion, compared to Rp21.5 billion in the same period of last year.
Revenues fell 14.3% to Rp138.73 billion from earlier Rp161.81 billion. Heavy equipment contributed revenue of Rp21.88 billion, down 19.2% from Rp26.7 billion in first quarter of last year.
Its assets totaled Rp1.36 trillion while liability amounted Rp741.59 billion.