Indika Energy 1H net profits up 24.5% at Rp 585 bln

IDX-listed coal miner PT Indika Energy booked a net profit of Rp 585 billion in the first six month of 2011, a 24.5 percent increase from Rp 470 billion in the same period last year, the firm said on Tuesday.

Improving operating expenses, interest and financial charges as well as earnings from associates companies have attributed to the higher net profit, the firm said in its press release.

Indika Energy booked revenue of Rp 1.99 trillion in the first half of this year, a 12.7 percent increase from Rp 1.77 trillion in the same period last year.

Indika has coal mines and mining services units including coal miner PT Kideco Jaya Agung and PT Petrosea. In April, the firm acquired 51 percent of an integrated coal logistic firm PT Mitrabahtera Segara Sejati.

PT Kideco Jaya Agung produced 15.6 million tonnes of coal in the first half of 2011, rising nearly 10 percent from 14.21 million tonnes in the same period 2010.

Kideco also sold 15.7 million tonnes of coal in the January to June period, an 8.3 percent increase from 2010?s 14.50 million tonnes.

But coal output from PT Santan Batubara, Indika?s other coal unit, fell nearly 25 percent to 840,000 tonnes in the first half of this year, from 1.12 million tonnes in the same period last year.

Santan Batubara sold 860,000 tonnes of coal in the first six months of 2011, falling by 28.6 percent from 1.21 million tonnes in the same period last year.(alex)