JAKARTADAILY.ID – PT Astrindo Nusantara Infrastructure Tbk, a coal producer, reported a staggering 761.35 percent year-on-year increase in net profit during the first quarter of 2023.
The company's net profit amounted to US$10.32 million or approximately Rp. 155.46 billion (based on an exchange rate of Rp. 15,063).
Astrindo Nusantara's financial reports reveal a remarkable surge in operating revenues, which grew by 798.17 percent year-on-year to US$125.83 million.
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The significant boost in sales was primarily driven by coal sales, contributing US$117.33 million, followed by port rental services totaling US$6.16 million, and CPP & OLC generating US$2.31 million.
Astrindo Nusantara's sales have been buoyed by its share of the export market, with notable buyers including Taiwan Power Company, Adani Global Pte Ltd, and San Buenaventura Power Ltd Co.
The coal producer also recorded a gross profit of US$30.59 million, a significant increase from last year's figure of US$9.55 million. Additionally, the company achieved a profit of US$6.77 million from its joint venture entity, according to the financial report released on May 22, 2023.
In terms of assets, Astrindo Nusantara witnessed a 60.52 percent jump, reaching US$1.81 billion as of March 31, 2023. However, total liabilities increased by 97 percent, amounting to US$1.17 billion, compared to US$94.07 million at the end of 2022.
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The company's assets and liabilities experienced significant growth following the successful acquisition of PTT Mining Limited last year, which consolidated its financial statements in the first quarter of 2023.
On the equity side, PT Astrindo Nusantara Infrastructure recorded a 20.07 percent growth, totaling US$643.87 million, while its cash and cash equivalents amounted to US$119.26 million as of March 31, 2023.
These are the highlights from PT Astrindo Nusantara Infrastructure Tbk's first-quarter financial report.
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