PTBA reports higher Q1 net profit
Monday, April 28 2014 - 04:39 AM WIB
PTBA said in a statement that net profit in the January-March period of this year increased by 9 percent to Rp 542 billion from Rp 498 billion in the same three-month period of last year.
Revenue rose by 11 percent to Rp 3.09 trillion from Rp 2.77 trillion on higher sales volume of 4.2 million tons.
The company said that own production and coal purchase from third parties during the first quarter of this year increased by 3.9 percent to 3.76 million tons from 3.6 million tons. Own production during the period totaled 3.3 million tons of coal.
Despite the generally weak coal market condition, PTBA said that its marketing strategy has allowed the company to enjoy higher weighted average selling price of Rp 733,396 per ton in the January-March 2014 period compared to Rp 613,810 in the same quarter of last year.
The higher selling price and efficiency measures taken during the past two year including a switch to securing electricity from own coal-fired power plants both in the Tanjung Enim, South Sumatra mining operation in South Sumatra, and in the Tarahan coal port in Lampung, has allowed PTBA to enjoy a net profit margin of 17 percent in the first quarter of this year, believed to be the highest among other coal miners in the country, the company said.
Editing by Reiner Simanjuntak