Coal Company Owned By The Conglomerate Agus Lasmono Sudwikatmono Receives IDR7.6 Trillion Revenue In The First Quarter Of 2021

Illustration. (Photo: Pixabay)

JAKARTA - PT Indika Energy Tbk (INDY) posted revenues of 582.17 million US dollars or around IDR 7.6 trillion in the first quarter of 2021. This achievement decreased by 9.24 percent year on year (YoY), which in the same period in The previous year, the company codenamed INDY shares recorded revenues of $ 641.5 million.

Director of Indika Energy Retina Rosabai, in a virtual public, expose on Monday, May 3, said that the improvement in coal prices during the first quarter of 2021 had increased Kideco's average coal selling price by 5.1 percent from $ 43.0 to $ 45.2  per tonne in the first quarter of 2021.

Kideco also recorded an increase in coal sales volume by 4.9 percent from 8.8 million tons to 9.2 million tons in the first quarter of 2021. Of this, 66 percent was supplied for export and 34 percent for the domestic market.

"However, the ongoing pressure from the COVID-19 pandemic has resulted in several subsidiaries recording a decline in revenue. As a result, Indika Energy's revenue fell 9.2 percent to 582.2 million US dollars in the first quarter of 2021", said Retina.

The company owned by conglomerate Agus Lasmono Sudwikatmono successfully cut the amount of loss attributable to the owners of the parent entity to $ 9.36 million in the first quarter of 2021 from the previous $ 21.02 million in the same period in the previous year.

Retina added that efforts to boost performance this year will be driven by two factors, namely the improvement in coal prices which will directly boost the performance of its subsidiary, Kideco. For information, in 2020 Indika Energy posted revenues of $ 2.07 billion, of which 55.4 percent came from Kideco.

In addition, cost efficiency efforts are also considered to be contributing to INDY's future performance growth.

"If coal prices stay at this level, the next performance will be better than last year", said Retina.