Resources Alam?s net profit jumps more than 77%
Tuesday, October 25 2016 - 03:43 PM WIB
IDX-listed coal mining firm PT Resources Alam Indonesia Tbk said that net profit in the first nine-month period of this year jumped by 77.1 percent compared to the January-September period of last year despite lower revenue.
The company said in a presentation material on Tuesday that net profit in the nine-month period of this year surged to US$7.19 million from $4.06 million in the same period of last year.
Gross profit in the first nine-month period of this year, however, declined by 13.64 percent to $16.40 million from $18.99 million in the corresponding period of last year. But operating profit rose by 29 percent to $9.22 million from $7.15 million.
Meanwhile, revenue in the January-September period of this year declined by 7.70 percent to US$72.45 million compared to $78.40 million in the corresponding nine-month period of last year.
The company saw its coal production volume in the third quarter of this year declined slightly to 681,928 tons from 687,132 tons in the corresponding period of last year.
The company said that sales volume in the third quarter of this year increased by 6.15 percent to 806,458 tons from 759,742 tons in the same quarter of last year.
Resources Alam said that production in the first nine months of this year totaled 2.64 million tons. Most of the coals were exported to South Korea, China, India, and Thailand.
Resources Alam through subsidiary PT Insani Baraperkasa operates a 24.47-ha coal concession in East Kalimantan, with proven reserves of around 68.82 million. The company is considering to resume production at two other mines, each in Central and East Kalimantan, next year.
Resources Alam has previously set coal production target of 4.2 million tons this year, a 31.25 percent increase compared to 3.2 million tons last year.
Editing by Reiner Simanjuntak