Petrosea delivers stronger Q1 performance

Courtesy of Petrosea

IDX-listed coal mining and oil and gas services company PT Petrosea Tbk saw stronger financial and operating performances in the first quarter (Q1) of this year

IDX-listed integrated energy firm PT Indika Energy Tbk, the parent of Petrosea, said in a statement Thursday that overburden removal volume during the first quarter of this year increased by 57.6 percent to 17.3 million bank cubic meters (bcm) from 11 million bcm in the corresponding period of last year.

The higher overburden removal (OB) volume was mainly contributed by new contract obtained from South Kalimantan coal firm PT Binuang Mitra Bersama Blok Dua, and higher OB volume from other Kalimantan mines including Tabang, Indoasia Cemerlang, and Anzawara Satria, the statement said.

Meanwhile, revenue from engineering and construction business increased by 12.1 percent to US$16.8 million in the first quarter of 2017 compared $15.0 million in the first quarter of last year. On the other hand, Petrosea Offshore Supply Base (POSB) revenue decreased 22.1 percent to $5.3 million in the first quarter, year-on-year.

Indika said that Petrosea?s total revenues increased by 38.6 percent in the first quarter of this year $58.5 million, year-on-year, primarily as a result of higher contributions from contract mining (78.5% yoy from $20.4 million to $36.3 million).

Editing by Reiner Simanjuntak