Cikarang Listrindo books $71.5m in profit in first half of 2017

Jakarta, Mon, July 31, 2017

Publicly listed independent power plant producer PT Cikarang Listrindo announced on Sunday that the company had booked US$71.5 million in net profits during the first half of 2017, up by 18.1 percent from the $60.6 million in the same period in 2016.

Meanwhile, the earnings before interest, taxes, depreciation and amortization (EBITDA) recorded a 3.3 percent increase to $103.1 million, from $99.8 million in 2016. The company’s gross margin also rose to 35 percent year-on-year, from 34 percent.

“This positive achievement was due to the growing electricity demand from industrial sites, which rose by 4.3 percent in the first half of 2017,” said Cikarang Listrindo finance director Christianto Pranata.

Furthermore, the company completed the commissioning process for its first coal-fired power plant (PLTU) in the first half.

“Our first PLTU has begun operation with a total capacity of 140 megawatts [MW]. Our operational team is also attempting to finish the commissioning process for our second PLTU. Hopefully, it will start operations in the near future,” Christianto said in the statement.

The second PLTU is expected to increase the company’s overall electricity capacity to 1,144 MW from the current capacity of 1,004 MW. (dea/ags)