PTBA 2003 net earnings up 18%
Thursday, January 15 2004 - 07:06 AM WIB
State coal miner PT Tambang Batubara Bukit Asam (PTBA) said Thursday that its unaudited net profit in 2003 rose 18 percent to Rp210 billion (US$=Rp8,355) from Rp178 billion in 2002 due to an increase in sales.
"The rise in net profit was in part due to the increase in production which pushed the company's total sales," said Abdul Aziz Nazori, PTBA?s finance director, adding that PTBA?s coal production last year increased 3 percent to 9.9 million metric tons from 9.6 million tons a year earlier.
According to Abdul Aziz, PTBA?s sales revenue rose 4.5 percent to Rp2.3 trillion from Rp2.16 trillion.
PTBA operates two mining units located in Tanjung Enim (South Sumatra) and Sawah Lunto (West Sumatra). Abdul Aziz added the company plans to increase production this year to around 10.3 million tons.