Singaraja Putra swings deeper into loss despite revenue growth in 2025

By Romel S. Gurky

Coal miner PT Singaraja Putra Tbk (IDX: SINI) reported a wider net loss in 2025, as rising costs and heavy financing expenses offset strong revenue growth driven by its expanding business operations.

The company posted a net loss of Rp 41.21 billion for the year ended December 2025, compared with a loss of Rp 23.63 billion a year earlier, according to its audited financial statements.

Revenue rose 22.7% year-on-year to Rp 534.02 billion, up from Rp 435.14 billion in 2024, reflecting higher contributions from its consolidated operations, including mining-related assets.

Read also: Singaraja to begin operations at two more coal mines in 2026–2027

However, the improvement in top-line performance was outweighed by escalating expenses. Operating costs increased to Rp 89.46 billion, while finance costs remained elevated at Rp 50.67 billion, continuing to weigh on earnings. The company also booked foreign exchange losses and higher tax expenses, resulting in a pre-tax loss of Rp 41.36 billion.

On the balance sheet, Singaraja Putra’s total assets nearly doubled to Rp 1.57 trillion in 2025, largely driven by growth in mining assets, inventories and other current assets.

But liabilities climbed sharply to Rp 2.26 trillion, up from Rp 1.45 trillion a year earlier, led by bank loans and trade payables. The company remained in a capital deficiency position of Rp 687.42 billion, indicating liabilities continue to exceed equity.

Cash flow from operations turned negative at Rp 51.73 billion, compared with a positive Rp 92.87 billion in 2024, signaling pressure on core operations. The shortfall was partly offset by financing inflows of Rp 179.76 billion, mainly from additional borrowing and related-party funding.

Edirting by Reiner Simanjuntak