Manhattan reports maiden contribution from RI power plant
Tuesday, November 8 2016 - 01:10 AM WIB
SGX-listed Manhattan Resources Limited reported Monday strong topline growth for the three months ended September 30, 2016 (3Q 2016).
The company said in a statement that revenue surged almost eight times to S$5.6 million, compared to S$0.7 million in the same period last year (3Q 2015), on the back of first-time contribution from its Indonesian power plant as well as increased coal transportation income.
Newly-acquired PT Kariangau Power generated revenue of S$3.9 million in three months of operation, and contributed a gain of S$1.0 million. PT KP owns and operates 2 x 15MW coal-fired steam power plant in the Kariangau industry area of Balikpapan, East Kalimantan, Indonesia, and has been given the right by the Indonesian government to supply electricity exclusively within the Kawasan Industri Kariangau (KIK) industrial zone for a period of 15 years from April 1, 2013.
In the period under review, coal transportation income also rose 143 percent to S$1.7 million, from S$0.7 million in 3Q 2015, due to higher coal carrying activities. A reduction in fuel and upkeep expenses, as well as vessel depreciation, also helped to lower the loss of this business segment to S$4.6 million in nine-month period of 2016, from S$5.0 million in 9M 2015.
Manhattan said as a result of impairment loss on trade receivables, the increase in legal and professional fees relating to new business acquisitions, and lower exchange gains, the group?s net attributable loss in 9M 2016 amounted to S$7.6 million from S$6.9 million in 9M 2015.
The company said the group?s balance sheet remains robust with a cash balance of $60.8 million as at September 30, 2016.
Manhattan said going forward, the group?s barging activities will be reduced following the proposed sale of some of its vessels which was announced on October 11, 2016. The group intends to conserve and direct its resources towards its power plant business and to tap on the growing electricity market in Indonesia.
Editing by Reiner Simanjuntak