Sep 28, 2010

Indika 1H revenue soars 116.95%

Publicly listed EPC and coal mining company PT Indika Energy Tbk today announces a 116.95% jump in revenue in the first half of 2010 as a result of contribution surge from contracts and services.
In 1H 2010 financial statement submitted to Indonesia Stock Exchange (IDX) today, Indika posted Rp1.77 trillion revenue in 1H 2010 from Rp815.17 billion a year earlier.
Contracts and services contributed Rp1.67 trillion in 1H 2010, a steep jump from Rp615.29 billion in 1H 2009, while coal sales contribution fell from Rp199.88 billion in 1H 2009 to Rp95.05 billion in 1H 2010.
In line with soaring revenue, Indika's operating profit also experienced a steep jump by 111.27% from operating loss of Rp36.18 billion as of June last year to Rp4.08 billion operating profit.
Net others income grew 12.05% from Rp470.23 billion in 1H 2009 to Rp526.91 billion in 1H 2010. Net income contribution from associated companies, such as coal mining PT Kideco Jaya Agung, slightly lowered from Rp799.73 billion in 1H 2009 to Rp721.23 billion in 1H 2010. Indika booked Rp467.16 billion net profit in 1H 2010, a 28.13% rise from Rp364.61 billion a year earlier.

Disclosure: No position at the stock mentioned above.

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