JAKARTA - Throughout the first quarter of 2019, PT Indika Energy Tbk (INDY) through their subsidiary Kideco has produced coal up to 8.3 million tons, equivalent to 24% of the total production target of 34 million tons this year.
INDY Director Azis Armand said that even though coal prices fell, INDY's coal production would continue to be optimum. "The production volume of the first quarter of 2019 was 8.3 million tons, growing from 8.2 million tons in the previous year. The target is still the same as last year," Azis said in Jakarta, Thursday (25/4).
However, the weakening of coal prices caused Kideco's income to decline and resulted in a shrinking of INDY's income. Indika Energy posted revenue of US$ 700.7 million in the first quarter of 2019, down 13.4 percent compared to US$ 809 million in the same period the previous year.
Azis added that one of the efforts to safeguard the company's earnings and earnings this year is the diversification of company revenues. This is expected to maintain revenue amid fluctuating coal prices. (AM/LM)