Mercator reports robust income from coal business
Thursday, August 30 2012 - 01:08 AM WIB
India-based shipping company, Mercator Limited reported that a robust upward trajectory from coal business after securing first shipment from its greenfield coal mine in Indonesia within just 20 months.
H.K Mittal in chairman speech during the annual general meeting on August 29 said ?You will be glad to know that our coal businesses are on a robust upward trajectory. Our income from Coal division increased by 67 percent in FY12 and 35 percent in Q1 FY?13 year?on-year basis.?
?You may recall, we added a new coal mine in Indonesia last year to our existent portfolio. I wish to inform you all that your company started production and completed its first shipment from this greenfield coal mine within duration of just 20 months.?
It was the first general meeting since the company decided to expand its business from being primarily a shipping company under Mercator Lines to a multi vertical organization now under the flag of Mercator Limited.
The company earlier said its new coal mine PT Karya Putra Borneo in Batuah, Kutai Kartanegara regency has commenced commercial operation in August 2012, the company Chief Finance Officer Prasad Patwardhan said.
Mercator?s subsidiary, PT Oorja Indo KGS which acquired KPB earlier said that initial production would reach 100,000 tons per month.
Currently Oorja has a coal mine in Petangis, Tanah Grogot regency, East Kalimantan with coal output of 1 million tons per year.
Editing by Adianto P. Simamora