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Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
Indika EnergyOne of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ 1,447.2 million in the same period the previous year.
 
According to Warta Ekonomi, Arsjad Rasjid, Indika Energy's President Director, said that the main factor was the decline of PT Kideco Jaya Agung income, which amounted to US $ 810 million in the first six months of 2019 compared to US $ 938.8 million in the first semester of 2018, due to weakening of International coal prices.
 
He further said, the Company's coal sales volume, through Kideco and PT Multi Tambangjaya Utama (MUTU), increased by 556 thousand tons. for the period January to June 2019. Kideco sold 17.5 million tons of coal, an increase of 200 thousand tons year on year. While MUTU sold 764 thousand tons of coal, an increase of 356 thousand tons compared to the first semester of 2018, the report says.
 
"The performance of the first semester of 2019 reflects our focus on optimizing performance amid the current coal market conditions and global economic pressures," he said, in an official statement in Jakarta on Wednesday (07/31/2019) said Warta Ekonomi.
 
Where, the Company's gross profit in the first half of 2019 decreased 37.7% to US $ 235.4 million compared to US $ 377.7 million in the same period in 2018. Operating Income decreased to US $ 163.7 million compared to US $ 312 , 1 million in H1 2018.
 
"The downward trend in coal prices that occurred since last year has an impact on the Company's Financial Report. "We always focus on maintaining production efficiency, controlling operational costs, and optimizing synergies between the Company's business units," he concluded.


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