TBS Energi Utama reports 72% smaller loss as revenue falls
The Indonesian energy company recorded US$257.3 million in revenue, down 11% from a year earlier as legacy businesses generated less income.
PT TBS Energi Utama Tbk (TOBA) posted a third-quarter 2026 consolidated net loss of US$35.4 million, approximately Rp641.44 billion. Its latest financial accounts showed a 72% narrowing from the US$127.9 million loss a year earlier.
Director and Chief Financial Officer Juli Oktarina attributed part of the loss to costs linked to the purchase of Cora Environment Pte. Ltd. Non-cash depreciation and amortisation accounted for most of those acquisition-related expenses, she said.
One-off charges for refinancing senior loans at TBS’s waste-management businesses also contributed to the loss. The refinancing was aimed at lowering capital costs and strengthening the company’s capital structure. Management considered the result consistent with its expectations during the shift away from coal towards sustainable energy.
In remarks reported on 30 October 2026, Juli said TBS would continue expanding its sustainable infrastructure businesses across Indonesia and Asia while managing its legacy operations responsibly.
On its balance sheet, TBS listed US$751.68 million in total assets, alongside US$172.04 million in equity and US$579.63 million in liabilities.
