Harum reports lower revenue, net profit

IDX-listed coal miner PT Harum Energy Tbk reported that lower production and average selling price had undermined its revenue and net profit during the first half of this year.

Kontan reported Thursday that the company revenue in the first six months of this year dropped by 43.6 percent to US$262.49 million from $465.05 million in the same period of last year.

Meanwhile, net profit fell by 23.76 percent to $19.9 million, company Investor Relations Manager Veronica Jordan said.

The company coal sales volume in the first semester of this year dropped by 40.5 percent to 4.4 million tons compared to 7.4 million tons in the same period of last year. The sharp drop in sales volume was particularly suffered by its PT Mahakam Sumber Jaya concession, while sales of other concessions remained relatively stable.

Meanwhile, production volume in the first half of this year fell by 31 percent to 4.2 million tons from 6.1 million tons in the corresponding period of last year. Mahakam Sumber Jaya accounted for 3.8 million tons of the output, while Santan Batubara concession 400,000 tons.

The company saw its average selling price in the first semester of this year declined by 8.9 percent to $63.6 per ton. (*)