(MENAFNEditorial)
JAKARTA May 21 2015 — Amidst low global coal price PT Samindo Resources Tbk instead increases coal production to 12 million tons this year from 9.5 million tons in 2014. Until Q1/2015 its coal production reached around 2.8 million tons or 23.33% from the total target.
President Director of Samindo Resources (MYOH) Lee Kang Hyoeb said he tries to maintain revenue growth at the same level as last year’s. In 2014 it reaped IDR302 trillion revenue rising by 23.15% from IDR2.45 trillion in 2013.
Last year’s its net profit reached IDR267.79 billion growing by 54.38% YOY from IDFR173.45 billion in 2013.
“We know that copal market is sluggish now our revenue may not change much from last year as for profit we cannot predict it yet” he said after public presentation Tuesday (5/19).
In the first three months in 2015 the company reaped US$63.27 million and US$6.82 million net profit. Since this year the company changes its bookkeeping currency from IDR to USD to avoid currency fluctuation impact.
Besides it will also boost efficiency one of it is by shortening distance from waste area to the pit.
Until now its client is only PT Kideco Jaya Agung. The contract runs until 2019. The company states it still uses the old contract status and is yet to renegotiate price. If there is a re-calculation of contract value it will be carried out late this year.
Director of Samindo Resources Soemarno Witoro Soelarno said he keeps capacity because coal market is not yet conducive. “Additional contract may occur but with the weak market we keep from seeking more clients actually we can increase the capacity by 3-5 million tons” he said.
It is also considering mineral mining and electricity business (IPP). “We still consider it” he said. Read more..
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