Petrosea allocates $240m for 2012 capex
Friday, March 30 2012 - 02:00 AM WIB
IDX-listed mining contractor PT Petrosea Tbk said that the company would allocate US$240 million as capital expenditure this year compared to $155 million in 2011 that would be used among others to purchase heavy equipments such as excavators, dump trucks, bulldozer and graders.
Finance Director of Petrosea TG Shanker said that a third of the allocated capital expenditure would come from a loan from ANJ Finance with the remaining from PT Indika Energy, the main stakeholder of Petrosea and the company?s internal cash.
He said that 73 percent of the capital expenditure would be used to operate the coal mining of PT Kideco and the rest to support the operation of PT Gunung Bayan, PT Santan Batubara and PT Adimitra Baratama.
Petrosea predicted the volume of overburden removal would increase by 40 percent this year compared to last year's which reached 116 Bank cubic meter (bcm), higher than 81 bcm in 2010.
Petrosea posted a 25 percent increase of net profit to $53 million in last year compared to $42 million in the same period in 2010.
Editing by Adianto P. Simamora