Cikarang Listrindo's Net Income Surged 30% in 2016
Jakarta. Utility company Cikarang Listrindo reported a 30 percent increase in net income last year from a year earlier thanks to a windfall tax benefit.
The company booked $103.8 million in net income last year, up from $80 million in 2015, the company said in a statement on Monday (27/03). Revenue inched up 0.5 percent to $551 million, from $548 million.
Cikarang Listrindo booked a tax benefit of $36 million, thanks to a tax refund after the government recognized the revaluation of the company's plant, property and equipment.
That managed to compensate for the decline in the company's operating profit, which dropped 3.4 percent to $138 million from $143 million a year earlier.
The company — which is controlled by Iwan and Aldo Brasali, the sons of the late Budi Brasali of Brasali Group — said in a report prepared for investors that the construction of its two coal-powered power plant units, which will have a total capacity of 280 megawatts, will soon be operational once an inspection is complete.
Cikarang Listrindo traded as low as Rp 1,225 a piece on the local bourse on Monday, dropping 0.4 percent compared to 0.5 percent fall on the benchmark index.
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