The Company managed to generate revenues of USD 16.04 million in Q1 2019. This achievement was a sharp increase from USD 0.37 in Q1 2018, as a result of the consolidated reports of our subsidiary PT Mitratama Perkasa ("MP"), previously recorded as a joint venture entity.
In line with the increase in revenue, the Company's cost of revenue rose to USD 2.45 million from USD 0.47 million. Nonetheless, Gross Profit remained positive at USD 13.59 million, following a previous loss of USD 0.1 million.
The Company has successfully restructured loans and received new loans of USD 235 million at the end of 2018 with lower interest rates and longer repayment terms.The impact of the restructuring was a decrease in the financial expense in Q1 2019, which fell 30.6% from USD 21.99 million in Q1 2018 to USD 15.27 million.
In line with this, the Company recorded a net profit of USD 8.61 million in Q1 2019 after a loss of USD 2.75 million in the same period last year. In terms of the EBITDA, the Company obtained USD 41 million in Q1 2019, up compared to Q1 2018 which amounted to USD 36.2 million.
Overall, on consolidated basis the Company's EBITDA target for 2019 is USD 160 million, an increase from 2018 USD 145 million. Revenue target for 2019 is USD 212 million, also an increase from the previous year's revenue of USD 209 million.
Ray Anthony Gerungan, President Director of the Company, stated that after the Company received approval from shareholders on 16 May 2019 to collateralize existing assets, the Company will accelerate efforts to fast track new projects into development. The Company is currently carrying out feasibility studies for 9 (nine) separate projects, with the first studies expected to be completed in Q3 2019.
These first few projects will focus on expanding existing infrastructure to increase the Company's coal handling capacity by up to 24-30 million tonnes within 3 years. These projects will also ensure that coal handling costs for the Company's clients will drop significantly and thus give these clients a competitive advantage in the market.
The Company is still evaluating the final financial assumptions, but expectations are that these projects will cost USD 2.45 billion to build, with potential annual revenue generation of over USD 1 billion and EBITDA of USD400 million.
About PT Astrindo Nusantara Infrastruktur Tbk. (BIPI)
BIPI, an investment company that focuses on integrated energy infrastructure, owns and operates mining infrastructure through its subsidiaries PT Astrindo Mahakarya Indonesia and Mega Abadi Jayatama PT, which include assets in the form of coal ports, crushers, overland conveyors (OLC). PT Astrindo Mahakarya Indonesia, through its subsidiary PT Mitratama Perkasa and PT Nusa Tambang Prat ama have long-term contracts with the largest coal producers in Indonesia, namely PT Kaltim Prima Coal and PT Arutmin Indonesia, while PT Mega Abadi Jayatama partnered with Italthai, a leading company in Thailand, to operate PT Putra Hulu Lematang. Visit www.astrindonusantara.com.
For more information, please contact:
Kurniawati Budiman / Corporate Secretary, PT Astrindo Nusantara Infrastruktur, T: +62.81.871.0687, E: corsec@astrindonusantara.com.
PowerPR | Christovita Wiloto & Partners, T: +62.813.1000.9223, E: powerpr@wiloto.com, U: www.powerpr.co.id
Reporter: PR Wire
Editor: PR Wire
Copyright © ANTARA 2019
