Indika's Indian coal contracts add to success

Indonesian-listed PT Indika Energy Tbk has obtained contracts for 4 Mt of low-calorie coal sales to India and Finance Director, Arman Aziz, said the company is projected to achieve revenue growth of 25% this year.

The company obtained 46% of its total net profit from coal mining subsidiary Kideco Jaya Agung, which recorded a net profit of $280 million, up by 22.05% from $229.4 million in 2008.

Business growth of mining contractor, PT Petrosea Tbk, is also expected to contribute to Indika Energy’s performance. "Petrosea’s revenue could be fully consolidated to the company earnings this year, whereas last year it only contributed in the second half," he said.

Indika Energy's Director, M. Rasjid Arsjad, said that the company is after three to five coal mining rights to increase its mining business segment. He said the company will use internal funds or from the global bonds issued previously to finance the corporate action.