PTBA?s net profit jumps

State-owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) said on Thursday its net profit jumped 135 percent last year, having sold more coal at higher prices.

The company, which holds about a quarter of the country?s coal reserves, said its audited net profit surged to Rp 1.71 trillion ($141.9 million) last year. Sales rose 75 percent to Rp 7.23 trillion, the company said in statement.

The company sold 12.8 million tons of coal in 2008, an 18 percent rise over the 10.8 million tons sold a year earlier. ?Around 65 percent of the company?s coal was sold in the domestic market, with the remaining 35 percent sold overseas,? it said.

The average price of coal for export rose 45 percent to $68.73 per ton, up from $47.50 in 2007. Meanwhile domestic coal price increased by 47 percent to Rp 507,240 per ton from Rp 345,645 in the previous year.

The volume of coal carried by railroads increased by 28.5 percent to 10.3 million in 2008 after 50 new coaches were added to its train fleet in January last year. (Godang)