Toba Bara reports Q1 net profit jumps by 115%
Friday, April 25 2014 - 04:00 AM WIB
IDX-listed coal miner PT Toba Bara Sejahtera Tbk said that net profit jumped by more than 115 percent to US$12.84 million during the first quarter of this year from $5.97 million in the same period of last year despite the lingering weak coal price in the global market.
The company said in a financial report filed with the Indonesia Stock Exchange Thursday that revenue increased by 28.5 percent to $122 million during the first three months of this year from $94.94 million in the same January-March period of last year. It, however, did not reveal the sales volume nor the average selling price for the period.
Elsewhere, the company said that operating profit soared to $17.67 million from $7.74 million.
During the first quarter, the company sold coal among others to Glencore International AG, Mercuria, Trafigura, PT Pinang Export Indonesia, and Dragon Energy Corp.
Toba Bara owns three coal concessions through subsidiaries PT PT Adimitra Baratama Nusantara, PT Indomining, and PT Trisensa Mineral Utama, which are all located in East Kalimantan with combined area of 7,087 hectares and estimated coal resources of 236 million tons.
Editing by Reiner Simanuntak