Indonesian's PT Indika Energy Tbk said on Monday it expects coal output to rise about 14 percent to nearly 25 million tonnes this year after finalising the acquisition of engineering firm PT Petrosea Tbk.
Coal production at PT Kideco Jaya Agung, in which Indika has a 46 percent stake, should reach 24 million tonnes this year, while Petrosea should add an additional 850,000 tonnes, AziZ Armand, Indika's finance director, said.
Indika Energy agreed to buy an 81.95 percent stake in Petrosea from Clough International Singapore Pte. Ltd for $83.8 million in February. Petrosea has a 50 percent stake in local coal miner PT Santan Batubara.
Indika, which produced 22 million tonnes of coal in 2008, expects coal production to reach nearly 28 million tonnes in 2010, including 26 million tonnes produced by Kideco and 2 million tonnes by Petrosea, Armand said.
The firm is now seeking shareholders approval for the purchase of an 82 percent shares at Petrosea.
"We will hold a tender offer for the remaining 18 percent in the third quarter of this year," Armand said.
Seperately, Indika expects to book a net profit of $110-120 million this year and revenue of $185 million, he said.
Indika booked net profit of 1.08 trillion rupiah ($104.6 million) in 2008 and revenue of 2.31 trillion rupiah.
Source: Reuters
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