PTBA reports 71% increase in profit in the first nine months

PT Tambang Batubara Bukit Asam (PTBA) booked net profit of about Rp 267.9 billion (US$= Rp.9,050) in the first nine months this year, an increase of 71 percent from Rp 156.6 billion in the same period, last year, Investor Daily reported on Friday.

The company said in a press statement total sales rose by about 15 percent to Rp 1.89 trillion in the January-September period from Rp 1.65 trillion in the same period, last year.

The increase in the total sales was mainly contributed by an increase in revenues from coal exports, which rose by 119 percent to Rp 578.2 billion during the first nine months of this year from Rp 264.3 billion in the third quarter of 2004.

PTBA, however, said revenues from the sales of its coal in the local domestic market dropped by about 6 percent to Rp 1.29 trillion from Rp 1.37 trillion in the same period, last year.

The realized coal sales rose by 3 percent to 7.3 million tons in the first nine months of this year from 7.08 million tons in the same period, last year. About 73 percent of the production were sold to the local market while the other 27 percent were exported. (*)