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State-owned coal miner PT Bukit Asam (PTBA) booked Rp 3.93 trillion (US$ 266.5 million) in net profit in the first nine months of the year, representing 49.4 percent growth from the Rp 2.63 trillion net profit made in the corresponding period last year.
The increase was supported by an increase in coal sales, especially for export, amid the upward trend in the global coal price. Its exports increased 39 percent, or by more than 2 million tons of coal, from the figure in same period of 2017.
PTBA’s total coal sales increased to 18.5 million tons or 7.8 percent growth from 17.24 million tons in the corresponding period last year, while its average coal selling price was $57.08 per ton, up 13 percent from the first nine months of 2017.
“The export increase is one of the management’s strategies to maximize the opportunity from the strengthening of global coal prices, the rupiah weakening against the US dollar and of course the increasing demand for coal in China and India,” Bukit Asam said in a statement on Wednesday.
As a result, the company’s revenue climbed 21 percent to Rp 16.04 trillion. The highest portion of revenue came from export sales, which contributed 52 percent to total revenue, while domestic sales contributed 46 percent. The remaining revenue came from other activities.
The company has allocated Rp 6.55 trillion for investment spending this year, Rp 5.23 trillion of which is for business development, while the remainder is for routine investment. (bbn)
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