Overburden Business Increases, Samindo Prepares IDR 249 Billion Capex

Jakarta, CNBC Indonesia - Coal mining company PT Samindo Resources Tbk (MYOH) has prepared capital expenditures of up to US $ 17.8 million or around Rp 249 billion (assuming an exchange rate of Rp 14,000 / US $), up from last year's US $ 13.98 million.

Based on the public exposure document on the Indonesia Stock Exchange on Monday (4/22/2019), the company's capital expenditure or capex will be allocated for the coal overburden removal business of US $ 14.6 million.

The rest is for hauling US $ 3 million, and drilling and other US $ 0.23 million.

Financial report data noted, last year, the company's revenue that was formerly called PT Myoh Technology Tbk reached US $ 241.1 million, up 28.2% from 2017 revenues of US4 188.1 million. Net income also shot to US $ 30.9 million or 151.3% from the previous US $ 12.3 million.

The largest revenue from overburden removal and coal production was US $ 175.9 million, up 33.6% from the previous US $ 131.6 million. This revenue portion reaches 72% of the company's total revenue.

Other businesses, namely coal transportation and exploration drilling each provide a portion of 27% and 1% of the company's total revenue.

Samindo was established on March 15, 2000. The company's move into the mining business in early 2012 was quite right by seeing positive performance at this time. Previously, when still named Myoh, the company was engaged in the information technology service provider.