Samindo?s net profit drops by 53.4%

By Romel S. Gurky

IDX-listed coal mining contractor PT Samindo Resources Tbk said that net profit in the first quarter of this year dropped by 53.4 percent to US$2.79 million from $5.98 million in the corresponding quarter of last year.

The company said in a statement Wednesday that gross profit in the first quarter of this year fell by 43.1 percent to $5.24 million from $9.23 million in the same period of last year.

Meanwhile, revenue declined by 4.5 percent to $44.22 million from $46.30 million.

Coal getting volume during the January-March 2017 period fell by 16.8 percent to 2.5 million tons from 3 million tons in the same three-month period of last year.

Coal hauling volume also declined by 7 percent to 7 million tons from 7.5 million tons.

Overburden removal fell by 6.4 percent to 11.2 million bank cubic meters (bcm) from 11.9 million bcm.

Samindo manages mine owned by PT KIDECO Jaya Agung at Paser Regency in East Kalimantan Province.

Editing by Reiner Simanjuntak