Cikarang Listrindo profit rises as lower finance costs offset revenue decline

By Rara Suratmi

Power producer PT Cikarang Listrindo Tbk (IDX: POWR) posted a modest increase in first-quarter profit as lower financing costs offset weaker sales to state utility PLN, while revenue from industrial customers remained stable.

Net profit for the January–March period rose to $17.5 million from $16.9 million a year earlier, even as net sales fell 5.4% to $128.2 million from $135.5 million in the same period last year.

Revenue from sales to industrial customers edged up to $118.0 million from $116.1 million, but sales to state utility PLN dropped sharply to $10.2 million from $19.4 million, weighing on overall topline performance.

Operating profit declined to $26.4 million from $30.1 million, mainly due to continued pressure from fuel, depreciation and labor expenses, although fuel costs eased to $64.7 million from $67.7 million in the prior-year period.

Read also : Cikarang Listrindo 2025 profit slips on higher fuel costs despite steady revenue

The company benefited from a sharp reduction in finance costs, which fell to $5.2 million from $10.3 million a year earlier, helping profit before tax hold relatively steady at $23.9 million.

Cash and cash equivalents rose to $250.7 million at the end of March from $174.2 million at the end of December, while total equity increased to $731.5 million from $715.0 million, reflecting continued cash generation and a solid balance sheet.

Net cash from operating activities stood at $31.2 million during the quarter, compared with $36.2 million a year earlier, as the company continued to fund capital spending and investments from internal resources.

Cikarang Listrindo, which supplies electricity to industrial estates in Bekasi, remains one of Indonesia’s largest private power producers and has been expanding its renewable energy initiatives alongside its core gas- and coal-fired generation business.

Editing by Reiner Simanjuntak