Kapuas Prima Coal posts 62.3% net profit growth in 2019
JAKARTA - PT Kapuas Prima Coal Tbk (ZINC) posted net profit growth of 62.3% year on year (yoy) to Rp 178.8 billion. In addition, the company's sales in the year also increased 17.36% yoy to Rp 885.1 billion.
According to ZINC CEO Harjanto Widjaja, the positive performance was triggered by the company's base metal production last year, which reached 476,000 tonnes, up 39.4% yoy from its initial target of 450,000 tonnes. For this year, ZINC seeks to produce 600,000 tonnes of base metal.
"We are also targeting sales of US$50-80 million for zinc and lead concentrates, but considering the many factors that affect economic uncertainty in Indonesia and overseas we will see how they impact our target after June," Mr Widjaja said in an official statement received by IDNFinancials.com, Monday (1/6).
During the coronavirus (COVID-19) pandemic, Mr Widjaja added, ZINC has a number of ongoing projects, including the development of lead and zinc smelters. The company's lead smelter is currently about to enter the commissioning phase.
"ZINC's lead smelter will have a capacity of 20,000 tonnes of bullion per year. Upon commencing operation, the smelter will be the first of its kind in Indonesia," Mr Widjaja remarked. (MS)