JAKARTA – The profit of PT Indika Energy Tbk (INDY) plummeted 63.33% year-on-year (yoy) at the end of Q3 2024 compared to Q3 2023. This downturn was partly affected by 22.36% yoy decrease in revenue, as well as swollen financial expenses and loss from depreciation.

Based on Q3 2024 Report quoted Friday (1/11), INDY’s revenue was reported at USD 1.78 billion, down from USD 2.29 billion in the same period last year. This decline was seen across all segments, including contract and services, coal sales, and other trading activities.

Contract and services saw 17.65% yoy decrease to USD 188.81 billion in September 2024 from USD 229.28 billion, similar to coal sales that dropped 23.64% yoy to USD 1.56 billion from USD 2.04 billion. Other trading activities, however, saw 36.09% yoy surge to USD 35.03 million from USD 25.74 million.

INDY then managed to score gross profit of USD 269.39 million, down 38.74% yoy from USD 439.77 million, dragging down its margin to 15.09% from 19.13% seen last year.

Lastly, its profit before taxes also dropped significantly, by up to 47.65% yoy, from USD 181.39 million to USD 95.21 million, bringing net profit down from USD 98.83 million to only USD 34.40 million. (LK/ZH)