Toba Bara Sejahtera (TOBA), coal producer linked to the family of Luhut B Panjaitan (coordinating minister for maritime affairs), booked net profit of US$10.2 million in the first quarter of 2017, jumped 96.2% from the corresponding period of 2016. The Company’s production and sales volume actually dropped by 26.7% (reportedly due to wet weather) and 21.4% respectively, but 22.2% increase in average selling price of coal contributed to higher margins.To subscribe please click here
