Mitrabara profit slumps on lower coal revenue, rising costs

By Romel S. Gurky

IDX-listed PT Mitrabara Adiperdana Tbk (IDX: MBAP) posted a steep decline in 2025 earnings as weaker revenue and sustained cost pressures eroded margins, according to its latest audited financial statements.

Net profit fell to $1.38 million in 2025 from $19.15 million a year earlier, while revenue dropped to $164.87 million from $217.91 million.

The coal producer saw gross profit shrink to $17.98 million, less than half of the $47.21 million recorded in 2024, as cost of revenue remained elevated at $146.89 million.

Operating profit slumped to $0.38 million from $19.55 million, reflecting continued pressure from selling and administrative expenses, even as the company booked $6.82 million in other operating income.

Finance income provided limited support at $3.43 million, while higher borrowing contributed to increased finance costs. Profit attributable to shareholders stood at $1.55 million, with earnings per share falling sharply to $0.001 from $0.016.

Read also: Mitrabara sees profit drop amid lower revenue, rising costs

On the balance sheet, total assets rose to $252.18 million at end-2025, up from $237.19 million a year earlier, driven mainly by higher fixed assets.

However, total liabilities climbed to $67.98 million from $50.93 million, as the company increased long-term bank borrowing to $28.05 million, compared with $4.20 million in 2024. Equity edged lower to $184.20 million.

Cash flow weakened markedly. The company reported negative operating cash flow of $1.33 million, versus a positive $36.69 million in the previous year.

Net cash used in investing activities widened to $43.64 million, largely due to capital expenditure and loans extended to related parties, while financing inflows of $25.80 million—primarily from new bank loans—helped partially offset the outflows.

Cash and cash equivalents declined to $104.37 million at year-end from $124.21 million previously.

Editing by Reiner Simajuntak