Darma Henwa?s revenue up 7%, sees stronger performance next year

By Thomas Sembiring

Petromindo

IDX-listed integrated coal mining contractor PT Darma Henwa Tbk said that revenue in the January-September period of this year reached US$188 million, a 7 percent increase compared to the same period of last year.

This was said by Darma Henwa Finance Director Thekepat Gopal Sridhar on Wednesday. He said that the stronger revenue was supported by improving production performance at the Bengalon, Asam-Asam and Satui coal mines.

He estimated revenue for the full-year at $273 million, or a 13.8 percent increase compared to $240 million last year.

Gross profit in the first nine months period of this year reached $11.8 million, and is expected to reach $15.8 million for the full-year, a drop from $23.9 million last year.

EBITDA in the first nine months reached $28 million, and is estimated to increase to $37 million by the end of this year, or a 27.6 percent rise compared to last year?s.

In terms of capital expenditure, the company has spent about $34 million in the first nine months of this year. About $27 million of the capex was financed through vendor financing facility, bank loans $3 million, and internal funds $2 million. Total capex for this year is estimated at $38.6 million, or 15 percent lower than $45.3 million spent last year.

Darma Henwa expects production next year will be much stronger. Director Ivi Sumarna Suryana said that over burden removal next year is projected to jump by 153.6 percent to 223 million bank cubic meters compared to estimate for this year.

Meanwhile, coal production is projected to increase by 93 percent to 29.1 million tons from the estimated 15.1 million tons for this year.

Revenue is projected to jump to $519 million from $273 million estimated for this year. Meanwhile, gross project is targeted to jump to $54 million from the estimated $15.8 million for this year.

Net profit is projected to soar to $9.7 million from the estimated $200,000 for this year.

Editing by Reiner Simanjuntak