GEMS? Q1 output up 9%
Friday, June 13 2014 - 01:13 AM WIB
IDX-listed coal miner PT Golden Energy Mines Tbk (GEMS) said Friday that production in the first quarter of this year increased by 9 percent to 1.5 million tons compared to 1.3 million tons in the same period of last year.
The company said that coal sales volume jumped by 32 percent to 2.4 million tons compared to 1.8 million tons in the same period of last year.
Net sales during the January-March period of this year soared by 65 percent to Rp 1.45 trillion from Rp 878 billion in the same three-month period of last year, the company said in a filing with the Indonesia Stock Exchange.
GEMS said that gross profit increased by 20 percent to Rp 282 billion from Rp 234 billion.
Cash profit in the first quarter rose by 10 percent Rp 116 billion from Rp 128 billion.
GEMS said that production this year is targeted to reach 7 million tons, while sales volume at 10 million tons.
Golden Energy via subsidiary PT Borneo Indobara owns a 24,100 ha coal concession in Tanah Bumbu Regency, South Kalimantan, and through another subsidiary PT Karya Cemerlang Persada owns a 2,610 ha concession in Bungo Regency, Jambi. It also owns about 11,000 ha concession in Central Kalimantan.
Editing by Reiner Simanjuntak