GEMS reports higher Q1 coal output, lower sales
Wednesday, June 17 2015 - 01:44 AM WIB
IDX-listed coal miner PT Golden Energy Mines Tbk (GEMS) said that coal production in the first quarter of this year increased by 11 percent to 1.62 million tons from 1.45 million tons in the same quarter of last year.
The company said in a presentation Tuesday that sales in the first quarter of this year, however, declined by 19 percent to 1.92 million tons from 2.38 million tons in the same period of last year. This resulted in lower net sales revenue of US$78 million, compared to $122 million.
Elsewhere, GEMS said that gross profit also fell to $31 million in the first quarter of this year from $40 million in the corresponding period of last year. EBITDA in the first quarter of 2015 reached $9 million, up from 7 million the same quarter of last year.
GEMS said in May it was seeking to increase coal production this year by 33 percent to 8.8 million tons from 6.6 million tons last year. Coal sales volume was targeted to increase to 13 million tons from 9 million tons last year.
GEMS through three subsidiaries including PT Borneo Indobara, PT Kuansing Inti Makmur and PT Trisula Kencana Sakti hold a combined coal concessions of 38,165 hectares spread in South Kalimantan, Central Kalimantan, and Jambi provinces.
Editing by Reiner Simanjuntak