Banpu reports lower coal output, sales from RI mines
Friday, February 24 2017 - 01:16 AM WIB
Courtesy of ITMG
Thai firm Banpu Pcl reported coal production from its mines in Indonesia last year declined by 14.47 percent to 23.93 million tons from 27.98 million tons in the previous year.
The company said in a statement on Thursday that coal sales volume declined by 6.50 percent to 25.96 million tons from 27.76 million tons in the previous year.
Banpu said that coal sales volume from the Indonesian operation during the fourth quarter of last year was 6.38 million tons coal sale or 5 percent decrease as planned with the average selling price (ASP) reaching US$ 62.9 per ton or 22 percent increase from previous quarter.
The production cost was managed at an efficient level with the average cost of sale at $31.7 per ton, slightly lower by 3 percent quarter-on-quarter due to lower stripping ratio at the biggest mine Indominco.
The average gross profit margin expanded to 50 percent in the fourth quarter from 36 percent in the previous quarter as a result of higher ASP.
Banpu runs its coal mining business in Indonesia through subsidiary IDX-listed PT Indo Tambangraya Megah Tbk (ITMG), which has five coal mine units including PT Indominco Mandiri, PT Trubaindo Coal Mining, PT. Bharinto Ekatama, PT. Kitadin and PT Jorong Barutama Greston.
Editing by Reiner Simanjuntak