Indika?s revenue drops by 32.84%, net loss shrinks

IDX-listed integrated energy company PT Indika Energy saw its revenue in the first nine months of this year fell by 32.84 percent to US$567.71 million compared to $845.29 million tons in the corresponding period of last year, Kontan reported on Tuesday.

The paper quoted company Corporate Communications Head Ricky Sugiarto as saying that thanks to lower cost of sales and administration, net loss during the January-September period of this year shrank to $27.53 million, compared to $34.55 million in the same period of last year.

Ricky said that the company was looking to improve its finances particularly through mining services subsidiary PT Petrosea by searching for new contracts.

Elsewhere, Ricky said that coal production by subsidiary PT Kideo Jaya Agung this year is estimated at 33 million tons, down from 40 million tons last year. (*)