Indika reports 14% increase in Q1 revenue
Friday, April 28 2017 - 01:02 AM WIB
IDX-listed integrated energy company PT Indika Energy Tbk saw revenue in the first quarter (Q1) of this year increased by 14 percent to US$195.1 million, year-on-year, due mainly to higher revenue contribution from coal trading business, and its coal mining and oil and gas services subsidiary PT Petrosea.
The company said in a statement Thursday unveiling its unaudited January-March 2017 financial results that gross profit increased by more than 35 percent to $28.3 million from $20.9 million in the first quarter of 2016.
The company reported an $8.5 million operating income as compared to $6.4 million operating loss in Q1 2016.
Equity in net profit of associates and jointly controlled entities increased by 112.6 percent to $35.6 million mainly as a result of the higher earnings contribution from PT Kideco Jaya Agung, which operates coal mines in East Kalimantan Province. Kideco reported unaudited net profit of $76.2 million (148.3% yoy) as a result of increased in the average selling prices.
Indika registered a $22.1 million profit attributable to wwners of the company versus a $4.9 million loss in Q1 2016.
Adjusted EBITDA (LTM) was $130.6 million for the period ending March 31, 2017. Cash and other financial assets reported were $297.8 million.
Capex realization spending during the first quarter of this year increased 137.4 percent to $8.5 million from $3.1 million reported in Q 1 2016, the company said.
Editing by Reiner Simanjuntak