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Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE


The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intangible assets.

The company said in a news release on Tuesday that net profit fell to Rp 725.67 billion ($79.82 million) last year from Rp 1.08 trillion in 2008. It had initially projected net profit to grow by 11 percent.

Last year the company, whose main business is coal mining, recorded a foreign exchange loss of Rp 245.32 billion, compared to forex exchange gain of Rp 194 billion in 2008.

The company said revenue increased 7.4 percent to Rp 2.5 trillion last year from Rp 2.3 trillion.

Indika also recorded an impairment loss on intangible assets of Rp 241.02 billion, which it attributed to the implementation of the cabotage regulation, which stipulates that only locally owned vessels can transport goods in Indonesian waters. The company did not elaborate. Indika officials could not immediately be reached for comment.

Johnson W Sutjipto, the head of the Indonesian National Shipowners’ Association, questioned how Indika could suffer a loss because of the cabotage regulation. Johnson said a coal company should benefit from the implementation of cabotage as there was an adequate supply of domestic ships and their transportation charges should be lower than those of foreign ships. “[Local ships] should be around 10 to 20 percent cheaper,” Johnson said.

Indika’s coal mining subsidiary, PT Kideco Jaya Agung, saw a 21.3 percent increase in revenue from $1.1 billion to $ 1.3 billion on the back of higher sales and a stronger average selling price.

But its oil and gas services unit, PT Tripatra, saw revenue drop to Rp 733 billion from Rp 1.3 trillion in 2008.

Mining services unit PT Petrosea, which was acquired in June of last year, booked revenue of Rp 854 billion last year. No comparative figure was given.

“This year is quite good for Indika and they could possibly reach a 30 percent growth for their revenue this year,” said Jerome Jovellana, an analyst at PT Mandiri Sekuritas. Jerome’s target price for Indika shares is Rp 2,750. The shares rose 1.1 percent to Rp 2,300 on Tuesday.
Source:
The Jakarta globe ( By: Yessar Rosendar)



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