Indonesia: PT Golden Energy Mines (GEMS) has sets its coal production target at between 28 to 29 MnT in CY19, said Sudin Sudirman, corporate secretary of the company as quoted by Kontan newspaper.
The company had raised its production target from last year’s realisation of 22.64 MnT.
Golden Energy is also aiming higher number of sales, estimated at 31 MnT this year. This means the company may have to buy an additional 2 MnT of coal from third parties. However, it was not stated did where the company would purchase the coal from.
The company is expected to sell between 35% to 40% of its coal production in the domestic market and the rest to overseas markets including China. The company has also set sight on new markets such as Korea, Vietnam and Malaysia.
Golden Energy’s president director, Bonifasius announced that the company’s net profit had fell 16% to USD 98.77 Million in CY18, while its revenue rose 38% to USD 1.04 Billion.
He further added that the fall in net profit was partly due to an increase in cost of revenue and a fall in the average selling price.
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