Samindo?s Q1 coal output reaches 2.4m tons

IDX-listed mining services company PT Samindo Resources Tbk saw coal production, or coal getting in the first quarter of this year reached 2.4 million tons, or 21 percent of the total full-year production target of 11 million tons.

Kontan daily quoted Friday company Corporate Secretary Hananto Wibowo as saying that waste removal during the quarter reached 13.4 million bank cubic meters (bcm), or 23 percent of the full-year target of 58 million bcm. No comparative figure for last year?s first quarter period was provided.

Formerly an information technology service provider under the name of PT Myoh Technology, Samindo switched business focus into mining in 2012 following the acquisition of a coal mining service firm and three other companies engaged in coal transportation and exploration business.

Meanwhile, Samindo?s revenue in the first quarter of this year jumped by 51.33 percent to Rp 743.79 billion from Rp 491.47 billion in the same period of last year.

Net profit soared by 345 percent to Rp 86.75 billion compared to Rp 19.49 billion in the same period of last year, the paper said. (*)