CITA books Rp 1.27 trillion in first quarter sales
JAKARTA - PT Cita Mineral Investindo Tbk (CITA), a public company engaged in the bauxite mining sector and the first Smelter Grade Alumina (SGA) producer in Indonesia through the associate entity PT Well Harvest Winning Alumina Refinery ("WHW"), in the midst of the global economic conditions that are still not conducive, CITA able to generate positive performance by recording net sales amounting to Rp 1.277 trillion in the first quarter of 2020, an increase of 42.67% or Rp 382 billion in comparison with the same period in 2019 amounted to Rp 894.7 billion.
While the Company's net profit was decreased by 12.5% or Rp 41.6 billion to Rp 289.9 billion from Rp 331.5 billion for the same period in the previous year.
Yusak Lumba Pardede, Director of CITA mention, "With the continued development of WHW phase II, CITA obtained additional export quota of 4.04 million tons per year. This condition create opportunity for CITA to increase its production capacity up to 10 million tons per year. Whereas 8.3 million tons is intended for export sales and is expected to continue the MGB export until 2023, and the remaining 1.7 million tons is allocated to supply MGB to be produced as SGA by the WHW," he said.
At present, CITA through WHW is continuing the construction of the second phase Smelter Grade Alumina (SGA) refinery facility with a production capacity of 1 million tons which will be estimated to be completed in 2021. (LM)