Sep 1, 2010

Indika Energy 1H net profit rises 25%

Publicly listed PT Indika Energy Tbk (INDY), parent company of coal miner PT Kideco Jaya Agung, is estimated to post Rp432.67 billion-Rp450.7 billion net profit in the first half of this year, a 20%-25% growth from Rp360.56 billion a year earlier.
Indika Finance Director Azis Armand said  the company is estimated to book 10% higher in revenue in the first half of this year to Rp896.68 billion from Rp815.17 billion.
According to him, Indika's bottom line growth was mainly underpinned by contributions from Kideco and coal mining contractor PT Petrosea Tbk acquired last year. Indika is also eyeing 29 million tons of coal production target this year.
Indika Energy, through its subsidiary PT Indika Energy Infrastructure and PT LPG Distribusi Indonesia, have entered into shares sale and purchase agreement to acquire 100% stakes in PT Wahida Arta Guna Lestari.
In a public announcement submitted to Indonesia Stock Exchange (IDX) today, Indika Infrastructure and LPG Distribusi will buy Wahida Arta at Rp5.52 billion. Wahida is a company movin in transportation and LPG bulk filling.
  
Disclosure: No position at the stock mentioned above.

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