Indika reports 27% increase in revenue
Thursday, August 31 2017 - 02:49 AM WIB
Petromindo
IDX-listed integrate energy company PT Indika Energy Tbk. said revenue in the first semester of this year increased by 27 percent to US$453 million from $356.6 million in the corresponding six-month period of 2016 (6M16) due mainly to higher revenues contribution from Tripatra, Petrosea, and coal trading.
Tripatra and Petrosea are Indika?s coal mining and oil and gas services subsidiary companies.
The company said in a statement Wednesday that gross profit inclined 89.3 percent year-on-year (YoY) to $56.5 million from $29.8 million reported in 6M16.
The company reported $14.2 million operating profit as compared to a $17.6 million operating loss in 6M16.
Equity in profit of associates and jointly controlled entities increased 179.2 percent YoY to $73.3 million from $26.1 million due mainly to higher earnings contribution from its East Kalimantan coal mining subsidiary PT Kideco Jaya Agung. Kideco reported net profit of $ 151.5 million (232.3% yoy) in 6M17 as a result of higher the average selling prices.
The company registered a $51.2 million profit attributable to the owners of the company versus a $22.4 million loss in 6M16.
Adjusted EBITDA (LTM) was $161.4 million for the period ending June 30, 2017. Cash and other financial assets were $335.2 million as of June 30, 2017. Meanwhile, capex realization for the period ended 6M17 was $24.4 million.
Editing by Reiner Simanjuntak