PTBA reports net profit drop by 5%

Indonesia state-owned coal company PT Bukit Asam (PTBA) said in a statement over the weekend that its nine-month net profit, from January to September 2012, fell by 5 percent to Rp 2.20 trillion (US$229 million) from Rp 2.32 trillion in the same period a year earlier.

The company said that the fall of the net profit was due to the decrease of coal prices, and the increase of operational costs. Its sale prices during the nine-month period averaged at Rp 765.934,- per ton or lower by 2 percent compared to Rp 785.205,- per ton in the same period last year.

Its total sales during the period of January to September 2012 amounted to Rp 8,72 trillion, which rose by 12 percent from Rp 7,75 trillion in the same period last year. Its sales volume increased by 15 percent from 9.86 million tons in 2011 to 11,36 million tons this year.

Its coal production and purchase during the period amounted to 12 million tons, which increased by 18 percent from 10.17 million tons during the previous period. It consisted of 10,87 million tons (including 0,63 million tons by subsidiaries) and purchase from other parties at 1,13 million tons.

Editing by Benget Besalicto Tnb.