Samindo Resources H1 revenue up 33.5%

IDX-listed mining services firm PT Samindo Resources Tbk saw revenue in the first half (H1) of this year increased by 33.5 percent to Rp 1.48 trillion compared to Rp 1.1 trillion in the same January-June period of last year as clients expanded production, Kontan reported Monday.

The paper quoted company Corporate Secretary Hananto Wibowo as saying that various activities contributed to the revenue including overburden removal (Rp 799.24 billion), coal hauling (Rp 385.99 billion), fuel compensation (Rp 222.2 billion), coal production (Rp 61,80 billion), and others.

Meanwhile, net profit in the first semester of this year jumped by 62.4 percent to Rp 141.29 billion from Rp 86.99 billion in the same period of last year.

Hananto said that the higher revenue and net profit were attributed to expansion by 15-20 percent of the coal production capacity of the company?s clients including coal miner PT Kideco Jaya Agung.

Hananto said that Kideco increased coal production to help achieve economic of scale amid rising costs. He said that overburden removal at Kideco increased by 22.7 percent to 26.5 million bank cubic meters during the first semester of this year from 21.59 million bcm in the same period of last year. Meanwhile, coal production rose by 27 percent to 4.4 million tons from 3.46 million tons. (*)