PTBA's 2002 net income dips on mine closure expense

JSX-listed State coal miner PT Tambang Batubara Bukit Asam (PTBA) booked 2002 net income of Rp. 177.955 billion (US$ = Rp.8,900) or Rp.126 per share, lower than 2001 net profit of 272.222 billion or Rp.223 in the previous year.

The company's steep net income downturn was attributable to Ombilin mine closure expense, employee redundancy expense and foreign exchange loss. The company also reported increases in general and administrative expense.

Indonesian government holds 83.7 percent shares in PTBA, which was listed in the Jakarta and Surabaya Stock Exchanges last year.

PTBA, which operates huge coal mine in South Sumatra produced around 10 million tons of coal in 2002 and is aiming to produce at the same level this year. The company sells 60 percent of its coal to Suralaya Power plant in Banten province. (robert/alex)