PT Darma Henwa (DEWA), an Indonesian mid-size coal producer, is reported to increase its coal production by 26% to 17 MnT this year from 13.5 MnT estimated in 2018, Kontan reported citing Mukson Arif Rosyidi, corporate secretary and chief corporate service of the company as saying on Wednesday.
To achieve the goal, the company is poised to improve its operations including its heavy equipment vehicles, the report said.
With the target in hand, the company expects to increase its revenue to USD 300 Million this year, taking into consideration an estimated coal price of USD 80/MT, Kontan reported.
Darma Henwa was the latest Indonesian coal producer that announces its coal production target amidst uncertainty in the global commodity market. Golden Eagle Energy (SMMT) and Adaro Energy have earlier announced their projected coal production target for this year.
The company recorded a slight fall in revenue to USD 188.87 Million in the first nine months of 2018 from USD 189.91 Million in the previous year. While net profit was recorded at USD 826,192 in the first nine months of 2018, rising from USD 25,802 in the corresponding period the previous year, according to company data.
The company attributed the huge increase in net profit mainly to the jump in foreign exchange gains after the Indonesian Rupiah depreciated against the US Dollar in 2018, according to documents filed to the Indonesia Stock Exchange (IDX).
Darma Henwa is also engaged in the mining contract service business in Indonesia.
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