PT Harum Energy (HRUM), a mid size Indonesian coal miner, targets to produce 5 MnT of coal this year, a tad higher than it had expected to produce in CY 2018, Kontan newspaper reported quoting Ray Antonio Gunara, chief executive officer of the company as saying on Friday. Harum had expected to produce 4.8 MnT of coal in 2018.
Gunara said that the company was still assessing the movement of the the price of the commodity in the global market. He said that the output target would entirely depend on the market price. “We have to see the market condition because it will determine the the output target. If the (price) condition is good, we will jack up the output and likewise,” Gunara said on friday after holding an extraordinary shareholders meeting.
Gunara said the company, which has yet to announce its 2018 full year output target, may not meet its yearly target of producing 4.8 MnT of coal due to problems at two of its units: PT Karya Usaha Pertiwi and PT Santan Batubara.
Still, Gunara said, the company would be able to sell 5 MnT of coal last year. Harum also buys coal from small miners and other third parties and sell them to its customers.
Gunara said that Harum Energy sells its products mostly to overseas markets including Malaysia, South Korea, China.
Harum Energy reported a fall in revenue to USD 232.96 Million in the first-nine months of 2018 from USD 238.52 Million in the corresponding period. Its net profit fell to USD 22.65 Million in the period from USD 31.59 Million in the corresponding period, according to data on its website.
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