Indonesia: Coal miner PTBA’s net profit rises by 110% in Jan-Sep’22

Amid rising demand for coal this year, Indonesia’s state-owned coal miner PT Bukit Asam bk (PTBA) reported a 110% y-o-y net profit of $642 mn during Jan-Sep’22. Revenues via coal sales rose by 60%. Despite weak Chinese demand, demand from other Asian countries were strong. Several European buyers also began Indonesian coal purchases following sanctions on Russia.