Pamapersada's Q1 revenue down 11 percent

Indonesia's top coalmining contractor PT Pamapersada Nusantara reported an 11 percent drop in revenue to Rp 692.34 billion in the first quarter of 2003 from Rp 776.88 billion in the same quarter last year.

PT United Tractors (UNTR), the parent of Pamapersada, said Thursday the lower revenue was due to a decline in coal production.

The company added that Pamapersada's business had also been affected by clients' land acquisition problems and modification of mining site plans.

The publicly-listed UNTR said in a report to the Jakarta Stock Exchange, Pamapersada had produced 6.8 million tons coal and had moved 29.3 million cubic meters of overburden in the quarter. In the same quarter last year, production reached 7.0 million tons, while overburden removed amounted to 30.1 million cubic meters.

Despite the declining performance, UNTR is still optimistic since Pamapersada will start to carry out coal hauling and overburden removal work for PT Kideco Jaya Agung's mine site mid this year. (robert)