Darma Henwa Revenue Grows 11% in First Half of 2019
JAKARTA, August 4th, 2019 - PT Darma Henwa Tbk (DEWA) successfully achieved 11.67% revenue growth to US$129.57 million by the end of the first semester of 2019. While in the same period last year, company’s revenue was US$116.02 million.
Operation of Bengalon Coal Project owned by PT Kaltim Prima Coal mainly contributed Darma Henwa’s revenue. Until June 2019, earnings from Bengalon Coal Project increased by 29.03 percent to US$92.34 million. Furthermore, Asam-Asam Coal Project owned by PT Arutmin Indonesia contributed US$32.34 million revenue and Satui Coal Project owned by PT Cakrawala Langit Sejahtera gave US$4.26 million earnings.
Beside that, mining infrastructure project undertaken by company also gave positive contribution. By the end of June 2019, PT Dairi Prima Mineral and PT Citra Palu Mineral respectively contributed Darma Henwa’s revenue by US$593.212 and US$25.473.
Company’s gross profit increased sharply by 850.59% from US$920,479 to US$8.84 million. Increase of the gross profit was caused by the improvement of Darma Henwa’s efficiency and productivity. Thus, Darma Henwa’s net loss declined from US$2.12 million in June last year to US$1.57 million in June this year, impacted by foreign exchange loss.
The assets increased from US$415.09 million to US$495.61 million, due to additional of spare part supplies for heavy equipment repairs. Moreover, other current assets increased by 920.31 percent from US$7.21 million to US$73.63 million, including advance of loan received from PT Bank Rakyat Indonesia Tbk, used especially for heavy equipment repair facility in Bengalon Project and Asam-Asam Project.
Darma Henwa received US$115.86 million loan facility, in both US Dollar and Rupiah currencies, from BRI on April 22nd. The loan was utilized for refinancing, mining equipment purchase, also operational and working capital needs. By the addition of bank loan that supports company’s performance, liabilities by June 2019 increased from US$184.29 million to US$266.37 million.
As a result, company’s total bank loan rose from US$ US$7.55 million in June last year to US$116.57 million in June 2019. However, Darma Henwa was able to compress lease payables by 46.58% from US$7.01 million to US$3.74 million because company’s payment on its schedule.
Until the first semester of this year, Darma Henwa has spent US$10.52 million capital expenditure. The capital expenditure realization was dominated by purchases of machine and equipment for US$10.28 million.
During first semester of 2019, company’s coal delivery grew more than 20% to 7.13 million tons compared to the same period last year at 5.94 million tons. From the figure, Bengalon project contributed the biggest by 4.06 million tons, Asam-Asam project contributed 2.64 million tons, and Satui project at 417,817 tons.
Darma Henwa produced 45.83 million bcm overburden from January to June 2019. Furthermore, company’s coal production reached 6.77 million tons. Bengalon coal project produced 3.88 million tons, Asam-Asam coal project produced 2.64 million tons, and Satui coal project produced 240,371 tons.
About PT Darma Henwa Tbk
PT Darma Henwa Tbk (Company) was established as a domestic investment company (PMDN) by the name of PT Darma Henwa pursuant to the Law of the Republic of Indonesia, Deed No. 54, dated October 8, 1991. In July 1996, the Company changed its status from domestic investment (PMDN) to foreign investment (PMA) company as Henry Walker Group Limited acquired the Company’s majority of shares. In January 2005, the Company changed its name to PT HWE Indonesia and finally to PT Darma Henwa Tbk in 2006. Under the name PT Darma Henwa Tbk, the Company then became a publicly listed company in 2007 with the ticker code DEWA.
Recently, company operates four projects, Bengalon Coal Project owned by PT Kaltim Prima Coal, Asam Asam Coal Project owned by PT Arutmin Indonesia, Satui Coal Project owned by PT Cakrawala Langit Sejahtera, and port services project through PT Dire Pratama.
Any question about this release, please contact:
Mukson Arif Rosyidi
Corporate Secretary PT Darma Henwa Tbk
Tel: (62-21) 2991 2350
Fax: (62-21) 2991 2364/65
Other related company information of PT Darma Henwa Tbk can be found at www.ptdh.co.id