Toba Bara reports lower production, sales
Thursday, October 27 2016 - 01:52 AM WIB
IDX-listed coal mining firm PT Toba Bara Sejahtra Tbk reported on Wednesday lower production and sales volume in the first nine months of this year despite recent signs of recovery in the price of the commodity.
The company said in a statement that coal production in the January-September period of this year declined by 6.7 percent to 4.2 million tons compared to 4.5 million tons in the corresponding period of this year.
Meanwhile, sales volume in the first nine-month of this year fell 10.4 percent to 4.3 million tons from 4.8 million tons in the same period of last year. Stripping ratio declined from 13.0x to 12.3x
Toba Bara said that third quarter coal production also declined to 1.39 million tons from 1.57 million tons in the same period of last year.
Sales revenue during the first nine-month period of this year fell by 28.4 percent to US$192.1 million compared to $268.6 million in the corresponding period of last year.
Meanwhile, EBITDA for the January-September period of this year stood at $27.3 million, 35 percent lower than $42 million in the corresponding period of last year. Net profit in the nine-month period reached $9.7 million, a 52.2 percent drop year-on-year.
Toba Bara said that as per end of September 2016, it has spent US$8.6 million in capital expenditure, greater than the $5-6 million allocated for this year, partly due to investment in the electricity sector.
The company currently has four operating subsidiaries, three in coal mining namely PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM), and PT Trisensa Mineral Utama (TMU) located in East Kalimantan.
Editing by Reiner Simanjuntak