JAKARTA (RambuEnergy.com) – PT Bukit Asam Tbk (IDX:PTBA), a country’s largest and state-owned coal producer, booked comprehensive net profit of Rp765.33 billion, up 2226.57% from Rp264.63 billion from the same period last year.
The increase was in line with a rise in revenues, as well as improved production efficiency.
Following is the highlights of Buki Asam results:
Revenues : Rp4.546 trillion vs 3.544 trillion, up 28.27%
Gross profif 1.692 trillion vs 813.77 billion, 107.39%
Operating profit: Rp 1.22 trillion vs 461.0 billion
Net profit : Rp883.813 billion vs Rp332.86 billion, 165.52%
comprehensive net profit: Rp765.33 billion vs Rp264.63 billion, up 226.67%
EPS: Rp413 vs Rp154
Cash and cash equivalent: Rp4.0 trillion vs Rp2.97 trillion.
The company sold 5.44 million tons (Mt) of coal in the quarter 4 percent higher than the same period last year of 5.23 Mt. The coal average price was also higher at Rp811,345/t or 22% higher than Q1 2016 of Rp664,001/t.
Coal sales to domestic market reached 3.14 Mt or 57.66% of total sales volume and 2.3 Mt or 42.34% for export market.
Its coal production in the quarter reached 4.49 Mt or 38% higher than Q1 2016 of 3.26 Mt. Its stripping ratio was at 4.02 , lower than 5.40 in Q1 2016.
In the quarter, PT Kereta Api Indonesia (KAI) transported 4.99 Mt of coal to nearby port, or 17 percent higher than previous year of 4.28 Mt.
This year, Bukit Asam targets to produce 24.07 Mt of coal up 22% from 19.62 Mt last year, and coal sales of 27.29 Mt, up 31% from last year of 20.75 Mt. As much as 15.93 Mt or 58% will be supplied to domestic market. (*)