PTBA Profit Slumps 24.42%

PT Bukit Asam Tbk revenue grew 1.14 year-on-year (YoY) in the first half of 2019 to Rp 10.6 trillion from a year earlier.  Domestic coal sales contributed the most, reaching 53 percent of the income, followed by export coal sales by 45 percent, while the rest was from other activities, consisting of electricity, briquettes, crude and palm oil sales, hospital health services and rental services. On the other hand, the PTBA stock-coded miner posted 24.42 lower net profits to Rp 2 trillion.

According to the company’s disclosure, the cost of goods sold in the first six months of 2019 increased 13 percent YoY to Rp 6.96 trillion from Rp 6.14 trillion, with the highest increase occurred in rail transportation costs. It was in line with the rise in coal transportation volume as well as inflated mining service costs following increased production and stripping ratio in the first half to 4.6 from 4.3 a year earlier.