MYOH PERFORMANCE: Decreased Revenue, Samindo's Profit Increased 9,5%, JAKARTA – Coal mine company PT Samindo Resources Tbk (MYOH) succeeded to record increase of net profit attributable to parent entity by 9.5% to US$24.68 million equivalent to Rp340.53 billion (E/R Rp13.795 for US$1) for the year 2015 from the previous US$22.54 million.

Corporate Secretary of Samindo Resources Hananto Wibowo said that the revenue obtained by the Company is adjusted by 11.06% to US$226.33 million from the previous year of US$254.94 million.

“The positive performance feels very much different since such result was achieved by the Company amidst coal industry is experiencing negative trend,” he said in official statement, Wednesday (16/3/2016).

Although suffering decreased in revenue, the Company’s cost of revenue was also suppressed 15.03% to US$184.06 million US$216.62 million. Accordingly, the gross profit obtained by the company with ticker code MYOH increased by 11.62% to US$42.27 million from US$37.86 million.

Despite the above, the exchange rate loss increased sharply 260% to US$1.41 million from previously US$595,134. Thus, shaping the profit before tax to increase only 10.22% to US$33.48 million from US$30.38 million.

Profit for the year achieved by MYOH in 2015 is amounting US$24.73 million, increased 9.5% from last year US$22.58 million. Earnings per share increased 9.8% to US$.0112 from US$0.0102.

Total assets of Samindo Resources as of 31 December 2015 is adjusted by 1.2% to US$161.23 million from US$163.27 million. Liabilities decreased by 17.8% to US$67.88 million from US$82.61 million and equity increased 15.7% to US$93.34 million from US$80.65 million.

Hananto explained that all profit segments of the Company recorded a growth margin above 20%. Such achievement is considered a success when the coal price is constantly depreciating.

MYOH’s management claim that the only way to survive in such a condition is to create a work process that is effective and efficient. Such a strategy is considered achievable to decelerate the cost.

Cost of material which is the main component of the cost of revenue is contributed significantly on the decreased of the Company’s cost of revenue. Cost of material was managed to be suppressed up to 32.6%.

At the same time, Company’s cash jumped 91.2% and provide flexibility to the Company to satisfy working capital and reduced the dependency on the external funding. MYOH’s bank loan is reduced US$12 million during last year.

“We expect the positive achievement by the Company could be continued in 2016 and may provide significant value add to the shareholder,” he said.