Cokal (CKA) H2 2025 earnings summary

Executive summary

• Faced a challenging year with falling coal prices, leading to a temporary suspension of mining from January to September 2025, but secured funding to continue infrastructure development and maintain financial stability.

• Entered strategic partnerships, notably with PT Petrindo Jaya Kreasi, to upgrade the BBM haul road and enhance logistics, aiming for cost efficiency and future revenue streams.

• Maintained focus on operational readiness, infrastructure investment, and disciplined partnerships to position for rapid production ramp-up when market conditions improve.

Financial highlights

• Revenue for FY2025 was US$3.38 million, down from US$3.70 million in FY2024, reflecting reduced coal sales due to market weakness and operational suspension.

• Net loss after tax was US$7.28 million, an improvement from the prior year’s US$9.83 million loss.

• No dividends were paid or recommended for the year.

• Cash and cash equivalents at year-end were US$0.63 million, with net operating cash outflow of US$1.65 million.

Outlook and guidance

• Management expects a recovery in coal prices and demand from Q1 2026, aligning with plans to ramp up production and leverage completed infrastructure.

• TBAR drilling and development are scheduled for 2026, with infrastructure integration to support future growth.