JAKARTA: PT Indika Energy Tbks net profit was IDR265.16 billion, or fell 9.11% in 1Q/2011, following the increase in operating expenses.Indika, an integrated company controlled by Agus Lasmono, son of the late businessman Sudwikatmono, and Wiwoho Basuki Tjokronegoro, posted net profit of IDR291.74 billion in 1Q/2010.Indika Energy's finance director Azis Armand said decline is one of them triggered by the loss of income that is a subsidiary of PT Tripatra Engineering. Conversely other subsidiary PT Petrosea Tbk actually experienced growth in the first kuratal this year."There was an increase of Petroseas revenue, while Tripatras revenue was down although it was not significant."In fact, the companys revenues rose 2.7% to IDR768.68 billion from IDR748.42 billion in IQ/2010.Indika's largest revenue contributors are PT Gunung Bayan Pratama Coal with IDR155.31 billion, PT Adimitra Baratama Nusantara with IDR101.18 billion, PT Santan Batubara with IDR99.25 billion, and JOB Pertamina Talisman Jambi Merang with IDR15.86 billion.The operating expenses also weighed on the performance of its subsidiary, PT Petrosea Tbk, which post a decrease in net profit as much as 24.76% to US$7.69 million in IQ/2011 compared with the realization from the corresponding period last year, at US$10.22 million.Petrosea expenses jumped to US$35.61 in IQ/2010, compared to US$31.48 million for the same period this year. In addition, administrative expenses also swelled from US$3.94 million to $4.1 million.As a result, the company srevenues increased by 10.73% to US$47.99 million in IQ/2011from US$42.84 million in IQ/2010, led to the depletion of income, especially amid rising foreign exchange loss of US$163,000 to US$442,000.Based on reviews of PT Mandiri Sekuritas, net profit of IDR265 billion is reflecting the achievement of 15.5% from an estimated profit of 2011.PT Indika Mitra Energi has 63.12% shares in Indika and public shareholders acquire 28.95% shares.Petrosea share rose 5.56% to IDR42,750 yesterday compared to the closing, while Indika fell 1.74% to IDR4,225 in Wednesday.Profits of Delta MakmurPT Delta Dunia Makmur Tbk, a holding company of second largest coal contractor PT Bukit Makmur Mandiri Utama bookes an increase of 8% in net profit during IQ/2011.The company which 40% of its shares are indirectly controlled by Texas Pacific Group, Government of Singapore Investment Corporation, and China Investment Corporation through Northstar Tambang Persada Limited recorded net profit of IDR165 billion compared to IDR153 billion in the same period last year.However, the company's net margin fell from 11.9% to 10.6%. Delta Dunias operating income declined 23% to IDR230 billion from IDR176 billion due to higher operating expenses of 81% and cost of revenue of 27%.As a result, operating margin fell to 11.3% from 17.9% amid the increase of Delta Dunias revenue which rose 21% to IDR1.55 trillion from IDR1.29 trillion.Bukit Makmur coal production fell 2.4% to 7.8 million tons from 8 million tons, while overburden removal rose 23.2% to 75.3 million bank cubic meters (bcm) from 61.2 million bcm.Delta Dunias net profit in the quarter I/2011 reflected 26.1% growth from consensus in 2011."Historically, first quarter is the period with the highest rainfall, so that production reached its lowest point," PT Mandiri Sekuritas wrote in his review. (wisnu wijaya) (t03/msw)

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