PT Astrindo Nusantara Infrastruktur Tbk. (“The Company” has issued unaudited Consolidated Financial Statements for the First Quarter of 2019 and has successfully maintained its positive performance).
Astrindo’s Director of Finance, Mr. Michael Wong explained that in general the Company’s performance achievements in the first Quarter of 2019 improved in comparison to the first Quarter of 2018. In terms of income, the Company managed to earn USD16.04 million in revenue, from the previous year of USD0.37 million. The Company’s strategic steps in consolidating the financial statements of subsidiary PT Mitratama Perkasa (“MP”) since mid-2018, continue to and are expected to provide a better overall performance for the Company and its Subsidiaries in 2019. Although the cost of revenue increased to USD2.45 million from USD0, 47 million, which is due to the impact of the MP consolidation, the Company still managed to obtain a Gross Profit of USD13.59 million from the previous gross loss of USD0.10 million in the First Quarter of 2018. These results certainly have a positive impact on the Company in moving forward with optimism.
The administrative expenses for the first quarter of 2019 slightly increased to USD1.09 million compared to the first quarter of 2018 which was USD0.83 million. However, the Company managed to record a decrease in financial expenses. The success of the loan restructuring at the end of 2018, has already shown its worth which can be seen in the First Quarter of 2019. The Quarter I, 2019 financial burden decreased significantly to USD 15.27 million from the previous USD 21.99 million. As a result, the Company managed to record a net profit of USD8.61 million in the first Quarter of 2019 from a previous net loss of USD2.75 million. Of this amount, the net profit attributable to the Parent Entity amounted to USD6.05 million, a significant increase from the previous loss of USD2.46 million.
The President Director of the Company, Ray Anthony Gerungan added, “The achievement of the first quarter of 2019 is the result of the Company’s strategy in optimizing our focus in integrated mining infrastructure, and we are confident of being able to maintain this positive performance throughout 2019”.
BIPI is an investment company that focuses on integrated energy infrastructure that owns and operates mining infrastructure through its subsidiary 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 Pratama 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 which is a leading company in Thailand, to operate PT Putra Hulu Lematang.