PTBA reports higher revenue, lower profit
Tuesday, October 20 2015 - 02:46 AM WIB
IDX-listed coal mining giant PT Bukit Asam Tbk (PTBA) reported higher revenue in the first nine-month period of this year, but net profit was under pressure amid falling commodity price.
PTBA said in a statement Tuesday revenue in the January-September period of this year increased by 9 percent to Rp 10.50 trillion from Rp 9.65 trillion in the corresponding period of last year, thanks to higher sales volume.
Sales volume during the nine-month period of this year rose by 8 percent to 14.35 million tons year-on-year. Average selling price, however, fell by 2 percent to Rp 712,099 per ton from Rp 728,079 per ton.
Export accounted for 48 percent of total sales volume, while the domestic market 52 percent. PTBA said that export grew by 5 percent in the January-September period year-on-year, while sales to the domestic market increased by 12 percent.
The higher sales volume was a result of higher production volume, which in the January-September period increased by 10 percent to 15.25 million tons from 13.87 million tons in the corresponding period of last year. Own production volume increased by 13 percent to 14.08 million tons year-on-year, while purchase from third parties slightly fell to 1.17 million tons from 1.4 million tons.
PTBA said that net profit, however, was under pressure, despite various efficiency measures taken, due to the current downturn in coal price. The company booked a net profit of Rp 1.50 trillion the first nine-month period of this year, slightly lower than Rp 1.58 trillion in the corresponding period of last year.
Editing by Reiner Simanjuntak