PTBA sales up by 1.2 percent

The state-owned coal producer PT Tambang Batubara Bukit Asam (PTBA) has earned Rp 1.65 trillion in sales during the first nine-months in 2003 or increased by 1.2 percent in compared to the same period last year, Bisnis Indonesia newspaper reported on Monday.

In a consolidated financial report signed by its finance director Abdul Aziz Nazori, PTBA said its sales increased to Rp 1.65 trillion in the first nine months of 2003 from Rp 1.63 trillion in the same period last year. However, PTBA’s net profit fall to Rp 156,64 billion until September 2003 from Rp 158.16 billion during the same period last year (US$=Rp8,500).

Most of the revenue came from its biggest customers like PT Indonesia Power (Rp 1.13 trillion), State-owned electricity company PT Perusahaan Listrik Negara or PT PLN (Rp 194.71 billion) and others Rp 28 billion.

The coal producer’s operative income as per September 30, 2003 decreased to Rp 198.41 billion from Rp 300.46 billion during the same period last year,

But its total current liabilities reduced drastically to Rp 353.37 billion from Rp 514.65 billion from last year.

PTBA and the East Kalimantan provincial administration are vying for a majority stake in the coal company PT Kaltim Prima Coal (KPC). (*)