PTBA profits up 135 percent on higher coal volume, prices

The state-owned coal mining company PT Tambang Batubara Bukit Asam (PTBA) reported a hefty increase in net profits during the first semester of this year on the back of surging exports.

PTBA said that the company?s net profit rose by 135 percent to Rp 710.35 billion during the first half from Rp 302.22 billion in the same period, last year.

?The net profits showed a sharp increase thanks to higher revenues especially from exports,? the company?s head of investors relations Nurtimah Tobing said in Jakarta on Monday.

She said that the average price of the company?s coal exports rose by 40 percent to US$63.63 per ton in the January-June period, this year from $45.44 per ton in the first half, last year, while the average price of the domestic sales increased by 30 percent to Rp 435,926 per ton.

The higher price had contributed to an increase in the total sales by 58 percent to Rp 2.88 trillion. The sales volume also increased to 5.85 million tons from 5.07 million tons in the same semester, last year.

This year, PTBA?s coal sales are expected around 13 million tons, or 20 percent increase compared to the last year?s sales, she added. (*)