Samindo Posted a Net Profit Growth of 148.9% in Third Quarter 2018

PT Samindo Resources Tbk (MYOH) recorded a good performance during the third quarter of this year. The company recorded two-digit performance growth both in terms of revenue and net income.

Based on the financial statements released today, MYOH recorded revenues of US $ 175.2 million, up 31.43% compared to the same period the previous year which was recorded at US $ 133.3 million.

The increase in sales was due to an increase in revenues from overburden removal and coal getting services which reached US $ 126.79 million from the previous US $ 90.71 million. Plus from coal transport services and drilling, exploration and other services.

Meanwhile, cost of goods sold was recorded to increase from US $ 116.25 million to US $ 138.21 million. However, the company managed to maintain a record of current year's profit which was recorded at US $ 21.53 million, up 148.9% from the previous US $ 8.65 million.

The company's total assets up to the third quarter were recorded at US $ 142.59 million, up 4.79 percent compared to last year's position of US $ 136.07 million. This is due to an increase in the number of current assets, while non-current assets have decreased.