PTBA?s H1 profit rises 33%

By Romel S. Gurky

IDX-listed state owned coal miner PT Bukit Asam (Persero) Tbk (PTBA) announced on Friday an unaudited net profit of Rp 1.16 trillion in the first half of the year, up 33 percent from Rp 0.87 trillion the same period of last year.

Sales were recorded at Rp 6.43 trillion in the first half of the year, up 18 percent from Rp 5.43 trillion in the corresponding period of last year.

The profit and sales growh came as a result of operation and sales optimization. Sales volume in the period reached 8.83 million tons, up 1 percent from 8.74 million in the previous year. As a result of mining optimization and 7-coal brand strategy, weighted price rose 17 percent to Rp 726.766 per ton from Rp 621.792 per ton.

Despite the cotinued weak price of the commodity, the firm booked an EBITDA margin of 26 percent and a net profit margin of 18 percent, up 2 percent from those in in the corresponding period of last year.

Production rose 16 percent to 7.2 million tons, from 6.66 million tons. Stripping ratio fell to 4.07 from 4.21. Purchasing of coal from third parties by the firm?s subsidiary totalled 1.06 million tons. Thus, coal production plus purchasing totalled 8.76 million tons, up 7 percent from 8.21 million tons.

Meanwhile, the capacity of the firm?s coal port in Tarahan, Lampung will be increased to 25 million tons in the second half of the year, up from 13 million tons now. Once the expansion project of the Tarahan port has been completed, the port will be able to accomadate two vessels, one 80,000 dwt (Panamax) size and one 200,000 dwt size, berthing at the same time.

Editing by Johannes Simbolon