Coal Revenue Surut, PTBA's Profit Drops 51.42 Percent Throughout 2023

JAKARTA - PT Bukit Asam Tbk (PTBA) recorded a decrease in profit for the year attributable to owners of the parent entity down 51.42 percent to Rp6.11 trillion in 2023. In fact, in 2022 PTBA earned Rp12.57 trillion.

Quoting the 2023 financial report, Jakarta, March 5, seeing the revenue side of PTBA also decreased by 9.75 percent. Where, PTBA's revenue is IDR 38.49 trillion in 2023.

If detailed, coal revenue decreased to IDR 37.97 trillion in 2023 from IDR 42.09 trillion in the previous year. Meanwhile, other income also decreased from IDR 549 billion in 2022 to IDR 516 billion in 2023.

PTBA recorded a cost of revenue increased to Rp29.33 trillion in 2023 compared to Rp24.68 trillion in 2022. Gross profit also fell to Rp9.15 trillion from the previous Rp17.96 trillion, which then continued to decrease in net profit.

The additional cost of revenue in 2023 came from mining services of Rp11.10 trillion in 2023 from the previous Rp9.57 trillion, rail transportation services of Rp7.95 trillion from the previous Rp6.69 trillion, and royalties to the government of Rp4.44 trillion from the previous Rp3.80 trillion.

Seeing the report on the consolidated financial position, PTBA's assets also decreased by 17.01 percent to IDR 38.77 trillion in 2023. This amount is compared to the previous year's IDR 45.36 trillion.

Different from assets, liabilities increased to IDR 17.2 trillion in 2023 from IDR 16.44 trillion in the previous year. The highest increase occurred from long-term liabilities at IDR 7.23 trillion.

Meanwhile, equity decreased to IDR 21.56 trillion in 2023. Where, in 2022 it is in the position of IDR 28.92 trillion.