JAKARTA - PT Cita Mineral Investindo Tbk (CITA) estimates, by the end of 2016, it will incur a loss of around Rp11 billion because they cannot maximize alumina sales this year. Over the first quarter 2016, the company’s recorded a loss as much as Rp24.9 billion.
Yusak Pardede, Director of PT Cita Mineral Investindo Tbk said the company will lose in 2016 regarding the shrinking alumina production. “Estimated projections for the company until the end is still a loss of about US$11 million, due to the company sales projected for the first year just reaching 1.9 million tons,” he said in Jakarta.
According to him, the company’s revenue is expected to recover in the next few years after the second line of factories becomes operational in 2019. Alumina production will be produced by PT Well Harvest Winning Alumina Refinery.
The alumina refinery first line is projected to produce as much as 200,000 tons per month and a net production as much 600,000 tons by the end 2016. But, the management projects alumina refinery first line will reach its full capacity of 1 million tons per year. The total alumina production from the first line and second line refinery will reach around 2 million tons per year.