Samindo Resources? profit soars

By Ruli Setiawan

IDX-listed coal mining service company PT Samindo Resources Tbk recorded Rp 173.7 billion in net profit last year, a 380.7 percent increase from Rp 36.1 billion in the previous year despite downturn in the coal market.

The firm said in a statement on Tuesday the sharp increase in the net profit came as a result of contributions from its new subsidiaries and foreign exchange gain.?

The firm acquired three companies at the end of 2012. The rupiah depreciated 26 percent against the US dollar last year.

?The depreciation of the rupiah made a significant impact on the company?s financial performance as it got some revenue in the US dollar,? Corporate Secretary Hananto Wibowo said in a statement.

All lines of the firm?s business were growing in terms of volume last year with coal getting recording the highest growth of 26.7 percent with a production volume of 9 million tons, Hananto said.

Editing by Johannes Simbolon