PT Petrosea Tbk (PTRO), coal mining contractor which is controlled by energy integrated company PT Indika Energy Tbk (INDY), reported a 24.76% drop in net profit in the first quarter of this year on the back of higher operating expenses.
Petrosea booked US$7.69 million net profit in 1Q 2011 from US$10.22 million in 1Q 2010. However, gross profit increased 9.07% to US$12.39 million from US$11.36 million. Revenue grew 12.02% to US$47.99 million from US$42.84 million.Indika is scouting 33 million tons of coal output both from its subsidiaries PT Kideco Jaya Agung and PT Santan Batubara. From Kideco, Indika is expecting 31 million tons of coal by end of this year, a slight increase from 29 million tons last year. Santan Batubara is estimated to produce 2 million tons this year.
Disclosure: No position at the stock mentioned above.
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