Intraco?s revenue jumps 52% on strong heavy equipment sales to coal miners

By Nova Farida

Petromindo|Khalsa

IDX-listed heavy equipment company PT Inraco Penta Tbk saw revenue jumped by 52 percent in the first semester of this year compared to the corresponding period of last year on higher demand for heavy equipment particularly from the coal mining sector amid recovery in the price of coal.

Revenue in the January-June period of this year soared to Rp 726.7 billion from Rp 477.9 billion in the corresponding period of last year. The mining services unit booked a 61 percent jump in revenue to Rp 194.4 billion from Rp 120.6 billion.

?Since last year, the price of commodities particularly coal have been rising. This condition drove strong demand for heavy equipment from the mining sector,? said Director of Intraco, Fred L. Manibog to Petromindo.com on Thursday.

?We expect revenue to grow by 20 percent this year to Rp 1.51 trillion, to be driven mainly by heavy equipment sales, aside from additional revenue from the power plant business,? he said.

Intraco completed last month acquisition of 30 percent shares in power company PT Petra Unggul Sejahtera (PUS), which is a parent company of PT TJK Power, which operates a 2x55 MW PLTU Batam coal-fired power plant.

The company, through subsidiary PT Inta Daya Perkasa is currently developing a 2x100 MW coal-fired power plant in Bengkulu, targeted to start operation in 2020.

Inta Daya set up a consortium called PT Tenaga Listrik Bengkulu with Power Construction Corporation of China to develop the estimated US$270 million power plant project.

Editing by Reiner Simanjuntak