Subsidiary Pushed Ancora Losses Widen in 1H2017
Ancora Indonesia Resources, Tbk (OKAS IJ) booked a loss of USD5.9mn in 1H2017, from a loss of USD4.2mn at same period last year. The loss to the declining performance of its subsidiary, Multi Nitrotama Kimia (MNK), which produces ammonium nitrate. The company’s gross profit declined by 90% from USD4.2mn in 1H2016 to only USD418,000. Another its subsidiary, Bormindo Nusantara, is still good and still drilling for state-owned energy company Pertamina. In addition experiencing huge losses in its two mining service subsidiaries, Ancora Indonesia Resources, plans to explore new business opportunities by acquiring gold and minerals mining sites.
Perdana Karya Plan to Attract Three New Projects in 2018
Kideco Contract Extension to Samindo Resources Until 2023
Timah Spend IDR144.14Bn for Exploration
Maintain Rupiah Fundamentally
Pertamina do the Hedging and Revised the Assumptions of Rupiah
Previously, Indonesian domestic demand for ammonium nitrate was around 450k tones in 2010, while 2011 demand at around 500k tones. MNK sold 180k tonnes in 2010 (all to domestic market) which 37k tonnes come from own production and the rest come import. Ancora Indonesia Resources exposure in the segment is through one of its subsidiary, MNK (50% ownership) the rest of the ownership is equally dividend between Pupuk Kujang and Yayasan Dakab.
