State coal miner Bukit Asam (PTBA), subsidiary of state mining giant INALUM, booked net profit of Rp2.62 trillion in the first half (H1) of 2018, jumped 50% from Rp1.74 trillion in the corresponding period of 2017. Revenues only grew 17.3% to Rp10.52 trillion from previous Rp8.97 trillion. But gross profit jumped 33% to Rp4.4 trillion as cost of revenue only grew 8.9% to Rp6.1 trillion. PTBA’s operating profit also jumped 40% to Rp3.5 trillion.
PTBA’s President Director Arviyan Arifin, said cost efficiency and higher sales volume and export supported the profit jump. Coal sales volume increased 7.57% to 12.22 million tons in H1 this year and export contribution increased to 48% from previous 46%.
PTBA’s average coal price also rose 9% to Rp838,388 per ton in H1 this year, compared to Rp770,983 in H1 last year. Cost of goods sold also increased 9% but production volume grew 19% to 1.78 million tons. PTBA targets to produce 25.54 million tons of coal this year, a 5% rise from last year. While sales volume is targeted to grow 10% to 2.25 trillion, supported by export of coal with medium to high calorie for premium market.