Nov 14, 2011

Ilthabi pays US$10 mio to Petrosea

Coal contractor PT Petrosea Tbk (PTRO), a wholly owned subsidiary of PT Indika Energy Tbk (INDY), finally settled its dispute of a US$28.84 million non-performing receivable worth with PT Ilthabi Bara Utama.
On note 30, page 59 at September's financial statement, Petrosea has entered into a settlement agreement with Ilthabi on October 20 2011. Under the agreement, Ilthabi agreed to pay a sum of US$10 million before October 28 2011 in full and final settlements of all claims and demands of the company in respect of the Pakar Coal Project and Mining Services agreement.
In June last year, Petrosea dislcosed that it has written-off the bad receivable worth US$28.84 million due Ilthabi was unable to fulfill its commitment under the coal contracting agreement with Petrosea. Petrosea also filed the case to distric court of South Jakarta.
With the settlement agreement, Petrosea will obtain an extraordinary income of US$10 million from Ilthabi.
Petrosea had entered into agreement with Ilthabi Bara Utama on June 29 2007 to develop a greenfield coal mining project and construct supporting facilities located in East Kalimantan.
Due to the continuous failure of Ilthabi to meet the contractual payment terms on October 10 2008, Petrosea initiated suspension of project activities.
This followed a request from Ilthabi to minimize work and go on standby, including suspension or termination of subcontractors. By the time the project was suspended, physical progress had reached 79% completion. 
By end of September 2011, Petrosea recorded a 35.93% increase in revenue to US$184.74 million from US$135.91 million in 9M2010. Net profit rose 13.74% to US$33.03 million from US$29.04 million.
The largest contributor for Petrosea's revenue was mining services of US$160.19 million, services, and engineering and construction of US$13.79 million and US$10.74 million.
Its affiliated companies such as PT Santan Batubara and PT Kideco Jaya Agung contributed US$38.49 million and US$19.65 million or US$58.15 million in total. PT Gunung Bayan Pratama Coal and PT Adimitra Baratama Nusantara contributed US$57.79 million and US$46.65 million revenue.
Ilthabi sold coal assets to PT Bayan Resources Tbk (BYAN) last year. Bayan also bought coal assets in East Kalimantan from Prime Mine Resources Limited and Romo Nitiyudi Wachjo.
Bayan acquired 100% holding in PT Tanur Jaya, PT Apira Utama, PT Cahaya Alam, PT Bara Sejati from Ilthabi Bara Utama and Romo Nitiyudi Wachjo. Bayan also agreed to buy 99% shareholdings in PT Tiwa Abadi, PT Sumber Api, PT Silau Kencana, PT Orkida Makmur, and PT Dermaga Energi, from Ilthabi Bara Utama, Prime Mine Resources, and Romo Nitiyudi Wachjo.

Disclosure: No position at the stock mentioned above.

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