PTBA reports net income increase
Wednesday, March 31 2004 - 03:54 PM WIB
State coal mining firm PT. Tambang Batubara Bukit Asam PTBA booked net income after tax of Rp.245 billion (US$=Rp.8, 600) in 2003, higher than previous period net income of Rp. 177.9 billion.
Company?s 2003 sales slightly increased to Rp.2.285 trillion in 2003 from Rp.2.163 trillion. PTBA produced 10 million tons of coal in 2003. Cost of sales increased to 1.5 trillion from Rp.1.35 trillion in 2002.
PTBA operates a huge coal mine in Tanjung Enim, South Sumatra. PTBA earlier said it planned to increase 2004 production to 11 million tons. But industry sources expressed pessimism that the company would be able to reach its target production due to railway problems. (alex)