PTBA's net profit down 28% in H1

State-owned coal producer PT Tambang Batubara Bukit Asam (PTBA) reported Friday that it had posted unaudit net profit of Rp 80.69 billion (US$=Rp8,500) in the first half of 2003, or 28 percent down from Rp 112.25 billion in the same period of last year, due to a rise in production costs and an adjustment in railway fee.

The company said coal production in the first semester of this year declined 6.5 percent to 4.21 million tons from 4.51 million tons in last year?s semester. Coal sales also dropped to 4.41 million tons from 4.73 million tons.

PTBA also said that its coal sales in the January-July period of this year had fallen to Rp 1.06 trillion from Rp 1.12 trillion in last year?s corresponding period. Meanwhile, coal price rose by 0.5 percent to Rp 229,789 per ton from the previous period's Rp 228,660 per ton.

PTBA is optimistic however that it would do better in the second half of this year due to improved railway transportation.

PTBA operates two mining units in Tanjung Enim (South Sumatra) and Sawah Lunto (West Sumatra). The company has secured a 10-year contract, which became effective this year, to supply around 6.1 million tons of coal annually to coal-fired power plant PLTU Suralaya in West Java. (robert)