Golden Energy reports higher sales, lower profit
Tuesday, August 16 2016 - 04:42 AM WIB
IDX-listed coal mining firm PT Golden Energy Mines Tbk said that net sales in the first semester of this year increased by 9.89 percent to US$181.52 million from $166.07 million in the same period of last year.
The company said on Monday that cost of goods sold in the first semester increased to $131.32 million compared to $100.55 million in the first semester of last year.
As results, gross profit was lower at $51.19 million compared to $65.52 million, while net profit in the first semester declined by about 31 percent to $3.65 million year-on-year.
Golden Energy aims to increase coal production this year to 9 million tons from 8.5 million tons last year. The company has allocated $15 million for capital expenditure this year.
Editing by Reiner Simanjuntak