Toba Bara Budgets $60 Mln for Capex

JAKARTA, NETRALNEWS.COM - PT Toba Bara Sejahtera Tbk (TOBA) allocated US$50-60 million for capital expenditure (capex). Iwan Santoyo, Head of Investor Relations, said in Jakarta on Friday (26/5/2017) that 70 percent of the capex will be allocated for power generator project in Gorontalo.

Coal production for 2017 is projected to increase to six million ton from 5.5 million ton in 2016. Actual coal production in Q1/2017 stood at 1.1 million ton due to rain.

Shareholders of the company also approved to pay 30 percent of net income of 2016 as cash dividends. Revenue in 2016 stood at US$258.27 million, lower than US$348.66 million in 2015. Net income for the period also dropped to US$2.79 million from US$11.35 million. (*)