PT Indika sees 2009 coal output near 25 million tonnes
Tuesday, 12 May 2009
Reuters reported that Indonesian's PT Indika Energy Tbk expects coal output to rise about 14% to nearly 25 million tonnes this year after finalizing the acquisition of engineering firm PT Petrosea Tbk.
Mr AziZ Armand finance director of Indika said that coal production at PT Kideco Jaya Agung in which Indika has a 46% stake, should reach 24 million tonnes this year while Petrosea should add an additional 850,000 tonnes.
Indika Energy agreed to buy an 81.95% stake in Petrosea from Clough International Singapore Private Limited for USD 83.8 million in February. Petrosea has a 50% stake in local coal miner PT Santan Batubara.
Mr Armand said that Indika, which produced 22 million tonnes of coal in 2008, expects coal production to reach nearly 28 million tonnes in 2010 including 26 million tonnes produced by Kideco and 2 million tonnes by Petrosea.
The firm is now seeking shareholders approval for the purchase of an 82 percent shares at Petrosea.
He said that "We will hold a tender offer for the remaining 18% in the Q3 of this year."
Seperately, Indika expects to book a net profit of USD 110 million USD 120 million this year and revenue of USD 185 million.
Indika booked net profit of IDR 1.08 trillion in 2008 and revenue of IDR 2.31 trillion.
