PT ABM Investama (ABMM), an integrated energy company, said it had met its target of producing 10 MnT coal in 2018, Kontan newspaper reported citing Adrian Erlangga, finance director of the company as saying on Sunday.
As the company’s coal output target has been met, it was on its way to book USD 800 Million as revenue in 2018, the report added further.
“We are still calculating the actual numbers but definitely it will reach USD 800 Million,” Erlangga said. ABM Investama along with other Indonesian listed companies are to announce their full-year profit in the coming months.
ABM Investama counts on its two coal mining units: PT Mifa Bersaudara and PT Tunas Inti Abadi. Mifa is located in Aceh, in the western tip of Sumatra island and Tunas is located in the resource-rich Kalimantan island.
Mifa produced 5 MnT of coal last year and the remainder by Tunas, the paper reported. Mifa is projected to produce between 8-10 MnT coal in CY19.
Mifa’s coal projection this year would advance ABM Investama’s total coal output to 13 MnT for CY19, the paper reported.
Given the fluctuating nature of the coal price in the global market, Erlangga said that the company was watching on the price movement. “We have to boost our production and efficiency,” Erlangga said.
The company was also scouting the market for a possible acquisition in the Indonesian market. Erlangga was not very specific on this acquisition target.
The company booked total revenue of USD 581.48 Million in the first nine months last year compared with USD 500.89 Million in the corresponding period. While net profit was recorded at USD 27.47 Million in the January-September period 2018 from USD 7.69 Million in the same period a year earlier, according to data from the company.
ABM Investment reported an increase in total revenue to USD 690.73 Million in 2017 from USD 590.69 Million in 2016, according to company’s website.
ABM Investama is part of the part of Tiara Marga Trakindo Group, which is is one of the heavy equipment distributor in Indonesia.
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