Resource Alam suffers lower Q2 revenue despite higher price
Wednesday, August 2 2017 - 04:40 AM WIB
IDX-listed coal mining company PT Resource Alam Indonesia Tbk suffered lower sales revenue in the second quarter (Q2) of this year due to a drop in output despite higher selling price.
Resource Alam Independent Commissioner Suria Tjahaja told Petromindo.com recently that revenue in the March-June quarter of this year dropped by 33 percent to around US$15.57 million, year-on-year.
The East Kalimantan coal firm saw coal output in the second quarter of this year tumbled by about 64 percent 324,304 tons from 898,852 tons in the corresponding quarter of last year among others due to the heavy rainfall since the start of the year until July.
Resource Alam, however, enjoyed higher price for its coal in the second quarter of this year, at around $47.11 per ton, compared to $30.89 per ton in the same quarter of 2016.
The stronger price and efficiency measures, allowed the company to book a 9.6 percent increase in second quarter 2017 net profit of $2.28 million from $2.08 million in the March-June period of last year.
Resource Alam operates three mines in Simpang Pasir, Gunung Pinang, and Bayur in East Kalimantan from a total concession area of 24,477 hectares, according to company website.
Editing by Reiner Simanjuntak