Indika books $4.9 loss in Q1, sheds 30 percent of workers

IDX-listed energy firm PT Indika Energy Tbk announced on Thursday that it booked US$4.9 million loss in the first quarter of the year amid market slump.

Consolidated revenue reached $195.1 million in the period, down by 37.9 percent from $314.3 million in the same quarter of last year as a result of declines in the contribution from subsidiaries Tripatra, Petrosea, Mitrabahtera Segara Sejati and coal trading, the firm said in a statement.

Consolidated gross profit stood at $20.4 million, while consolidated operating loss at $6.4 million.

As part of the efforts to weather current challenges, the firm continues taking measures to strengthen business process and rationalize organization. The measures include cutting 157 jobs or 30 percent of the total 511 job positions in the holding company.

?We continue increasing effectiveness and efficiency in this difficult situation. After taking other measures, cutting the number of workers is the last measure we have to take,? Arsjad, newly-appointed President Director of the firm, said.

Editing by Johannes Simbolon