Source:Think GeoEnergy – Geothermal Energy News
Original URL:http://www.thinkgeoenergy.com/acquisition-of-star-energy-positive-for-financial-results-of-barito-pacific/
Think GeoEnergy – Geothermal Energy News

Indonesian Barito Pacific (IDX: BRPT) released its 6-months results for the first half of 2018. Barito Pacific is an integrated energy company based in Indonesia with multiple power and industrial assets. Through Star Energy (SEG), BRPT operates the largest geothermal company in Indonesia, which is also the third largest geothermal company in the world.

In the company’s report, Agus Pangestu, the Company’s President Director explains that “Following acquisition of 66.67% stake at Star Energy in June 2018, our 1H-2018 financial result includes a robust contribution from geothermal business, enhancing our financial performance from the petrochemical business.”

This – so it seems – highlights the positive impact of the geothermal energy business for the company.

The company completed a IDR8.9 trillion Rights Issue in June 2018, anchored by the major shareholder, Mr. Prajogo Pangestu, contribution of IDR8.7 trillion. The successful acquisition of 66.67% ownership interest in SEG, includes a controlling stake in three geothermal assets (Wayang Windu, Salak and Darajat) with a total installed capacity of 875 MW.

The company reports that EBITDA increased by 50.19% from US$287 million in 1H-2017 based on the previously reported to US$431 million in 1H-2018 primarily due to the EBITDA contribution from geothermal operations that were boosted by SEG’s acquisition of Salak and Darajat geothermal assets netted by the decline in EBITDA from petrochemical business.

Consolidated net revenues increased by 27.9% y-o-y from US$1,212 million in 1H-2017 to US$1,550 million in 1H-2018 mainly attributable to: the revenue of Star Energy.

SEG revenue contributed US$260 million to the company’s 1H-2018 net revenue, which include contributions from Salak and Darajat Geothermal Assets that were acquired in March 2018. With the acquisition, BRPT increased its net revenues by 17%.

Source: Company release