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Jakarta Post

Coal giant Indika Energy’s net loss widens to $117.5m in 2020

  • Norman Harsono
    Norman Harsono

    The Jakarta Post

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Jakarta   /   Wed, April 7, 2021   /  04:30 pm
The Jakarta Post Image
Backhoes and other heavy equipment operate the Binungan open-pit coal mine belonging to PT Berau Coal in East Kalimantan, as seen in this undated file photograph. (JP/Indra Harsaputra)(JP/Indra Harsaputra )

PT Indika Energy, one of Indonesia’s top coal companies by output through its subsidiary PT Kideco Jaya Agung, saw its full-year net loss widen 6.5 percent to $117.5 million amid low coal prices in 2020, one of the worst among its peers in the industry. The publicly listed company’s 2020 financial report shows that revenue fell 25.4 percent year-on-year (yoy) to $2.1 billion, led by lower coal sales at home and abroad, to outpace a 22.61 percent reduction in cost of goods sold (COGS) to $1.8 billion. The company released a statement on Tuesday that its coal sales volume dipped 5.4 percent to 33 million tons last year, compounding the impact on its revenue from global coal prices that fell 16.1 percent yoy to average $37.8 per ton. “This challenging situation motivated us to become more adaptable and agile in finding business opportunities to make the company su...