Harum Energy cuts coal output by 30%

IDX-listed coal miner PT Harum Energy Tbk has decided to cut down its coal production this year by around 30 percent to 7.5-8 million tons from 11.5 million tons last year, Bisnis Indonesia reported on Thursday.

The paper quoted company President Director Ray Gunara as saying that the lower production was part of the company?s strategy to help cut down costs amid the lingering weak coal price.

He said that while net profit in the first half of this year remains positive at Rp 200 billion, the company has not made any specific target for the full-year profit. (*)