Coal mining services firm Samindo Resources (MYOH) booked net profit of US$13.2 million in first half (H1) of 2018, jumped 160% from US$5.5 million in H1 last year. Revenues rose 30% to US$112 million from previous US$86.3 million. Gross profit was US$23.3 million, compared to US$10.7 million a year earlier.
General and administration expenses increased 55% to US$4.8 million. The Company also recorded foreign exchange (forex) loss of US$1.1 million. MYOH has assets of US$134.6 million and liability amounted US$39 million. It has cash and cash equivalent of US$19.3 million.
Samindo expects to book net profit of US$22 million for this year, compared to initial target of US$17 million. While its coal production declined 10.1% to 4.4 million tons in H1. The Company targets coal production to reach 10.7 million tons for this year.