Delta Dunia reports surge in H1 net profit

Despite lower revenue, IDX-listed mining services company PT Delta Dunia Makmur Tbk (DOID) managed to book a surge in net profit in the first half (H1) of this year, Kontan reported on Thursday.

The paper said that DOID booked revenue of US$303 million in the first six months of this year, a 12.5 percent decline from the same January-June period of last year.

Meanwhile, net profit jumped by 294 percent to $11 million from a net loss of $5.82 million.

DOID President Director Errinto Pardede said that the decline in revenue was mainly due to lower over burden removal and coal production volume during the period, thanks to heavy rainfall at the mining sites.

Errinto said that over burden removal volume in the first semester of this year declined by 7 percent to 138.9 million bank cubic meters compared to the same period of last year. Meanwhile, coal production fell by 2.6 percent to 15.2 million tons.

The company?s clients include coal miners such as PT Adaro Indonesia, PT Kideco Jaya Agung, PT Berau Coal Tbk, and PT Bayan Resources Tbk.

Errinto said that the company managed to deliver strong profit during the first semester due to various efficiency programs, allowing for cost of sales during the period to drop by 30 percent to $342 million over the corresponding period of last year. (*)