PTBA’s net profit may increase by more than 30% in first half

The net profit of state-owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) during the first semester of 2004 will likely to jump to above Rp104.8 billion or over 30 percent increase compared to the same period last year, the Bisnis Indonesia newspaper reported in its Friday edition.

PTBA’s company secretary Milawarma said the surge in net profit is due to increase in sales volume and price of coal sold to the state-owned electricity firm PT Perusahaan Listrik Negara (PLN).

“We expect the PTBA’s bottom line during semester I/2004 will increase more than 30 percent,” Milawarma told the Bisnis on Thursday in Jakarta.

During the first semester in 2003, PTBA posted a net profit of Rp80.68 billion, down from the Rp112.24 billion in the same period in 2002. The total value of the sales also fell to Rp1.02 trillion during the semester I /2003 from Rp1.08 trillion during the same period in 2002.

As far as the sales figure for 2004 is concerned, Milawarma said he didn’t remember the exact figure because the calculation is still under progress. (*)