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Positive results boost Saratoga's revenue
Private investment firm PT Saratoga Investama Sedaya (SRTG), established by businessmen Edwin Soeryadjaya and Sandiaga Uno, delivered positive results in the first half of the year on the back of business segments
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rivate investment firm PT Saratoga Investama Sedaya(SRTG), established by businessmen Edwin Soeryadjaya and Sandiaga Uno,delivered positive results in the first half of the year on the back ofbusiness segments.
Its latest financial report, submitted to the Indonesia Stock Exchange (IDX) on Friday, shows the company's revenue rose by more than twice to Rp 3.09 trillion (US$266.67 million) in the first six months of 2014.
Its oil refinery business segment recorded the highest growth during this period, jumping almost three times to Rp 3.05 trillion from a year ago.
Its rental and floating storage and off-loading segments reported yearly increases as well, up 39.3 percent and 20.9 percent, respectively. However, the opposite result was reported in its investment segment with a 98.2 percent drop in revenue contribution.
Meanwhile, Saratoga managed to book Rp 541.51 billion in net profits, climbing more than threefold from the first half of 2013.
Saratoga has stakes in several publicly listed firms, including miner Adaro Energy (ADRO), plantation firm Provident Agro (PALM) and tower operator Tower Bersama Infrastructure (TBIG).
Following the announcement of the report, Saratoga's shares dropped 1.9 percent to Rp 4,900 apiece on the IDX from a day before.
