JAKARTA. PT Petrosea Tbk (PTRO), a mining company owned by PT Indika Energy Tbk (INDY), temporarily suspends its mining projects in South Kalimantan and Papua due to COVID-19
In its official statement of PTRO on the Indonesia Stock Exchange (IDX), the company's management said the two projects were the Tabang mining project, Kutai Kartanegara, and the E&C project in Timika. However, the suspension is not expected to last for too long.
As a consequence for this decision, PTRO management projected the company's revenue during the first quarter (Q1) of 2020 to decline by around 25%.
Even so, PTRO management stated that operation restrictions of a number of its businesses had no significant impact on the company.
PTRO management added, so far the company has carried out efforts to reduce operating expenses with a number of initiatives. (KR/AR)