JAKARTA (RambuEnergy.com) – State-owned coal producer PT Bukit Asam (IDX:PTBA) has reported operating profit of Rp 2.04 trillion or 167% from Q1 2017 operating profit of Rp 1.22 trillion.
As a result, its first quarter 2018 net profit also surged to Rp 1.45 trillion or 167% from Q1 2017 net income of Rp 870 billion.
The company said in addition to a rise of coal price, the rise was also driven by an ongoing to implement effective business strategies to provide efficiency financial and operational performance.
The company recorded revenues of Rp5.75 trillion in the quarter, up to Rp1.20 trillion compared to Q1 2017 revenues. This revenue increase was supported by export sales of coal, while revenues from domestic coal sales were relatively similar compared to the same period of the previous year.
Revenues on export sales of coal for Q1 2018 amount to 55% of total revenue, while revenues from domestic coal sales amount to 43%.
The rest of 2% is income on other business activities, which consists of sales of electricity, briquettes, crude palm oil, hospital health services and leasing services. Its coal sales volume in the first quarter increased 16% to 6.3 million tons from 5.43 million tons.
The increase in sales is part of the company’s strategy to utilize the relatively high coal price index movement in Q1 2018, as well as to optimize the sales of medium and low coal calorie. (*)