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INDY's revenue grew by 169.7% in 2018, but its net profit dropped by 76.13%

29 March 2019 02:19 PM  Company: PT. Indika Energy Tbk[INDY]
Rp. 1,280  +55 (4.49%)

JAKARTA. PT Indika Energy Tbk (INDY)'s profit grew by 169.7% to US$ 2.96 billion in 2018. However, its net profit dropped by 76.13%.

Based on the disclosure of information in the Indonesia Stock Exchange (IDX), INDY only earned a net profit of US$ 80.06 million. In 2017, INDY's net profit had reached US$ 335.41 million. The management claimed that the decrease in net profit was due to the increase in the cost of revenue, from US$ 975 million in 2017 to US$ 2.32 billion in 2018.

The increase in INDY's revenue was supported by its subsidiary, PT Kideco Jaya Agung, whose revenue reached US$ 1.8 billion. Not only that, but PT Petrosea Tbk (PTRO) 's revenue also rose by 69.9% along with the increase in mining contracts. (KR/AR)

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PT. Indika Energy Tbk [INDY]   Rp. 1,280   +55 (4.49%)