JAKARTA: Shares of an integrated energy company PT Indika Energy Tbk dropped in three straight days after the company reported a slight decrease in 1Q net income due to higher total costs of contracts and of goods sold.
The INDY-coded stock abated 2.37% or IDR100 to IDR4,125 at the Jakarta Stock Exchange at the midday break today with a price to earnings ratio at 27.85.
Indika posted IDR265.16 billion net income or IDR51 a share in the first quarter, dropping by 9.11% from its net income in the same period last year. The gross profit fell 26.74% to IDR126.92 billion.
The company booked 5.11% revenue increase in the first quarter, however the total cost of contracts and of goods sold climbed 11.58% to IDR641.76 billion.
PT Gunung Bayan Pratama Coal contributed IDR155.31 billion or 22.64% to the company's total contracts and service revenues. Meanwhile, PT Adimitra Baratama Nusantara's contracts were valued at IDR101.18 billion, PT Santan Batubara with IDR99.25 billion, PT Freeport Indonesia with IDR73.95 billion, PT Perta-Samtan Gas with IDR71.87 billion, and JOB Pertamina Talisman Jambi Merang with IDR15.86 billion. Meanwhile other parties with contract value less than IDR50 billion contributed IDR168.71 billion to the company's total contracts and service revenues.
Meanwhile, PT Bayan Resources Tbk gave the biggest contribution to its total sales of coal, amounting to IDR72.89 billion or 88.29%.(NOM)
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Source: http://www.bisnis.com/corporate/25875-indy-stocks-drop-in-3-days-on-decreasing-net-income
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