31 July 2019 – PT Petrosea Tbk. (PTRO) recorded a total revenue increase of 15.61% year on year from US$205.83 million to US$237.97 million, while profit attributable to owners of the company increased by 7.26% to US$7.98 million from US$7.44 million reported during the previous year. These achievements were mainly driven by higher operational volume fromthe Contract Mining business line and increased activities from Petrosea’s port logisticsoperation business through POSB Sorong and Kuala Pelabuhan Indonesia.
Despite a persistent challenging coal market and unfavorable weather conditions during this period, Petrosea continued to optimize its asset utilization and implement various continuous improvement initiatives. This resulted in higher overburden volume which increased by 3.73% year on year from 56.23 million BCM to 58.32 million BCM during the first half of 2019.
One of the most strategic initiatives was the digital transformation of the Company’s miningoperations, in which Petrosea was chosen as the only Indonesian mining company to be welcomed by the World Economic Forum into the Global Lighthouse Network during the Annual Meeting of the New Champions, held on 3 July 2019 in Dalian, China. Petrosea was chosen due to its success in applying Industry 4.0 revolution technologies to drive financial and operational impact at the Tabang project, located in East Kalimantan.
During this period, the Engineering & Construction business line continued to provide services, such as coal hauling road construction, facilities and infrastructure civil works, as well as levee construction for its existing clients. The Levee Stockpile project for PT Freeport Indonesia continued to contribute the majority revenue stream from the Engineering & Construction business line. Activities at POSB Sorong increased with loading-unloading activities and storage facilities to support the Company’s existing clients in the easternIndonesian region. The Company continues to develop its Bonded Logistics Center (PLB) business, and also provides port operations and services for Freeport Indonesia through Kuala Pelabuhan Indonesia.
Source: https://www.petrosea.com/wp-content/uploads/2019/07/Press-Release-Petrosea-Records-15.61-Total-Revenue-Increase-During-Fi….pdf
