JAKARTA. The increasing operational activities in the mining contract business have brought the net profit of PT Petrosea Tbk (PTRO) to proliferate 29.80% to USD 11.76 million in the first half of 2021.
Hanifa Indradjaya, President Director of PTRO, reveals this gain in a press release today (30/7). According to him, the total overburden removal volume increases 26.82% year-on-year (yoy) to 58.02 million tons, while the coal production also shifts upward by 25.49% yoy to 15.95 million tons. This volume growth subsequently brings the revenue higher by 9.89% to USD 193.3 million from USD 175.90 million in H1 2020.
As a way to acquire new business opportunities, Indradjaya explains that PTRO also performs a thorough digital transformation program by establishing an agile organisation and utilising the latest digital tools.
The effective liability management strategy exerted by PTRO successfully cut back its debt balance by 22.71% and significantly reduce the interest expense by 46.98%. Indradjaya further claims to have applied a prudent cash management strategy to support the implementation of “3D,” Diversification, Digitalisation, and Decarbonisation. (AM/ZH)