Jun 1, 2011

Indika 1Q profit decreases 9.11%

Energy integrated company PT Indika Energy Tbk (INDY) today reported a slight decrease in net profit of 9.11% in the first 3 months of this year despite higher total cost contracts and cost of goods sold.
Indika, parent company of PT Petrosea Tbk and PT Mitrabahtera Segara Sejati that is controlled by Indonesian tycoon Agus Lasmono, son of businessman Sudwikatmono, posted Rp265.16 billion net profit in 1Q 2011 or Rp51 per share from Rp291.74 billion in 1Q 2010 or Rp56 per share.
Indika Energy's gross profit dropped 26.75% to Rp126.92 billion from Rp173.26 billion. The company booked a slight increase in revenue of 2.71% to Rp768.68 billion from Rp748.42 billion.
The largest contributors for Indika consolidated revenue were PT Gunung Bayan Pratama Coal with Rp155.31 billion revenue, PT Adimitra Baratama Nusantara with Rp101.18 billion, PT Santan Batubara with Rp99.25 billion, and JOB Pertamina Talisman Jambi Merang with Rp15.86 billion.
PT Indika Mitra Energi controls 63.12% stake in Indika Energy and public shareholders own 28.95% stake. 

Disclosure: No position at the stock mentioned above.
 
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