PT Bukit Asam Tbk (IDX: PTBA), Indonesia’s state-owned coal miner, stated that its coal production has risen 8% on a year-on-year basis to 5.70 MnT in the first quarter of CY 2019, from 5.28 MnT in the same period a year earlier, Katadata newspaper reported citing a company statement.
Moreover, total coal sales increased 5.6% year-on-year to 6.65 MnT in the three-month period from January to March this year, against 6.3 MnT in the corresponding period a year earlier.
Furthermore, total coal shipment grew 7.6% year-on-year to 5.84 MnT in the first three months of this year from 5.43 MnT in the three-month period a year ago.
The company attributed the increase in its coal sales to various efforts including expansion of its export markets such as India, South Korea and Hong Kong. However, the company noted that the China market has curbed its coal imports.
The company also announced that its net profit has fallen 21.4% to USD 80.6 million in the first three months of this year from a year ago period. It attributed the decline in net profit to the weakening global coal prices.
The company’s revenue fell 7.1% year-on-year to 5.34 trillion rupiah in the January to March period this year. It said that the average coal price fell 13% year-on-year in the first three months this year from a year ago period.
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