Petrosea?s revenue rises 22.4%

By Romel S. Gurky

IDX-listed mining and oil and gas services company PT Petrosea Tbk, a subsidiary of IDX-listed integrated energy company PT Indika Energy, saw revenue in the first-half of this year (6M17) increased by 22.4 percent to US$108.5 million from $88.6 million in 6M16 mainly contributed from contract mining revenue.

Indika said in a statement on Wednesday that contract mining revenue reached $68.4 million, a 64.8 percent increase year-on-year, resulting from 52.3 percent improved to, 33.2 million bank cubic meters (BCM) in overburden removal volume from Tabang and Kideco coal mines.

?However, improvement in contract mining business was negatively affected from POSB and ENC business,? Indika said.

The Petrosea Offshore Supply Base (POSB) revenue was down 30.7 percent YoY from $12.7 million to $8.8 million reported in 6M17. Revenues from engineering and construction (ENC) business dropped by 10.2 percent YoY to $30.4 million.

Editing by Reiner Simanjuntak