GEMS reports 51% jump in net sales

By Romel S. Gurky

Petromindo|Boim

IDX-listed coal mining firm PT Golden Energy Mines Tbk (GEMS) reported that net sales in the first quarter of this year jumped by 51 percent to US$141.98 million compared to $94.16 million in the corresponding period of last year.

GEMS said in a filing with the Indonesia Stock Exchange on Tuesday that gross profit in the January-March period of this year soared by 203 percent to $71.74 million from $23.64 million in the same three-month period of last year.

EBITDA in the first quarter of this year reached $42.93 million, a 359 percent jump from $11.94 million in the same period of last year, the company said.

GEMS CEO Bonifasius told Petromindo.com earlier that the company is on track to meet coal production and sales target this year. He said that production in the first quarter reached 3 million tons and sales of 3.4 million tons. The company produced 1.98 million tons and sold 2.680 million tons in the same quarter of last year.

This year GEMS plans to produce 14.35 million tons and sell 15.38 million tons to overseas and domestic customers. Some 80 percent of the production will come from its South Kalimantan unit PT Borneo Indobara (BIB) with the balance produced from its Jambi mine PT Karya Inti Mining.

Last year, GEM produced and sold 9.5 million tons and 15.37 million tons of coal, respectively.

Editing by Reiner Simanjuntak