Baramulti?s revenue, net profit down

IDX-listed coal mining firm PT Baramulti Suksessarana Tbk said that revenue in the first nine months of this year fell by 14.94 percent from the corresponding period of last year despite recent recovery in the price of the commodity.

Kontan quoted Eric Raharja, Finance Director of Baramulti, as saying that revenue in the nine-month period ending September of this year declined to $166.11 million from $195.29 million in the same period of last year.

Meanwhile, net profit in the January-September period of this year dropped by 30.24 percent to $16.15 million year-on-year.

Eric said that the recovery in the price of coal during the past several months has yet to improve the company?s top line and bottom line as much of its sales contracts were still based on oil prices.

He anticipated that the company to benefit from the recovery in the price of coal in the third quarter of next year.

Eric said that production this year is estimated to increase 11 percent to 8.6 million tons from Bara I and II blocks in East Kalimantan from last year?s 7.74 million tons. Output next year is projected to increase by 10-20 percent, he added.(*)