PTBA Profit Decreased 26.76 Percent To IDR 2.03 Trillion In The Second Quarter Of 2024

JAKARTA - PT Bukit Asam Tbk (PTBA) recorded a decrease in net profit in the second quarter of 2024. In this quarter, the company engaged in coal mining earned a profit of IDR 2.03 trillion or a 26.76 percent drop on an annual basis from the second quarter of 2023 which was recorded at IDR 2.77 trillion.

However, PTBA's financial performance has increased compared to the previous quarter. Revenue in the second quarter of 2024 was IDR 10.23 trillion, an increase of 9 percent compared to the first quarter of 2024. Net profit in the second quarter of 2024 reached IDR 1.24 trillion, growing 57 percent in quarterly.

Based on the company's financial statements, the decline in profit was in line with the increase in the company's cost of revenue in the second quarter which was recorded to have touched IDR 16.2 trillion compared to the same period in 2024 which was recorded at IDR 14.7 trillion.

This decrease in net profit is inversely proportional to the company's revenue which rose to Rp19.6 trillion compared to the same period in 2023 of Rp18.8 trillion.

The realization of the Domestic Market Obligation (DMO) was 11.57 million tons, growing 12 percent compared to the first semester of 2023 which was 10.33 million tons. As of Semester I 2024, PTBA's coal production reached 18.76 million tons and the realization of transportation by train 17.33 million tons.

The Corporate Secretary, Niko Chandra, in his statement to the media said that the challenges for the company this year include corrections to coal prices and market fluctuations.

Just so you know, the average ICI-3 coal price index was corrected by around 19 percent on an annual basis from 93.49 US dollars per ton in Semester I 2023 to 75.89 US dollars per ton in Semester I 2024.

Meanwhile, Newcastle's average coal price index was corrected by 36 percent on an annual basis to 130.66 US dollars per ton, from 204.27 US dollars per ton in Semester I 2023.

"Therefore, PTBA continues to strive to maximize market potential in the country as well as export opportunities to maintain good performance," said Niko, Thursday, August 1.

Niko said PTBA also consistently prioritizes cost leadership in every line of companies, so that the implementation of sustainable efficiency can be carried out optimally.

"The company hopes that the formation of a Management Agency Partner (MIP) can be realized soon and have a good impact on PTBA's financial performance," he concluded.