Baramulti?s revenue jumps on higher coal price, output

IDX-listed coal firm PT Baramulti Suksessarana Tbk (BSSR) saw its revenue and net profit in the third quarter of this year soared on a combination of higher coal price and production volume as well as efficiency measures.

BSSR President Director Khoiruddin said on Friday that revenue in the quarter ending September of this year jumped by 74.58 percent to US$290 million, year-on-year.

Meanwhile, net profit jumped by 293 percent to $63 million from only $16.15 million the third quarter of last year. ?We?re optimistic to be able to meet full-year net profit target of $75 million,? he said, pointing out on rising coal price, which he said has increased by 116 percent since the start of the year.

He said that coal production until September has reached 7 million tons, or a 120 percent surge from the same nine month period of last year. The company aims to produce 9-10 million tons of coal this year.

BSSR's coal concession in South Kalimantan Province is operated by subsidiary PT Antang Gunung Meratus (AGM). Meanwhile, concession located in Loa Janan, East Kalimantan, is operated by BSSR. AGM contributed 5.7 million tons to the aforementioned 7 million tons coal production.(*)