Supported By Operational Performance, PTBA Prints Net Profit Of IDR 3.8 Trillion

Coal (photo: dock. intermediate)

JAKARTA - PT Bukit Asam Tbk (PTBA) recorded a net profit of IDR 3.8 trillion in the third quarter of 2023. Meanwhile, in terms of revenue, PTBA posted IDR 27.7 trillion with total assets of IDR 36 trillion.

PTBA's Corporate Secretary, Niko Chandra, said that the net profit achievement was supported by an increase in the company's operational performance which managed to record total coal production of up to 31.9 million tons or grew 15.2 million tons. In the previous period, PTBA recorded 27.7 million tons of production.

"This increase in production is in line with the increase in coal sales volume by 14.9 percent to 27.0 million tons," he said in a statement received by VOI, Monday, October 30.

Then until the third quarter of 2023, the Company also recorded export sales of 11.2 million tons, an increase of 24.4 percent compared to the same period the previous year. Meanwhile, the realization of the Domestic Market Obligation (DMO) was recorded at 51 percent.

"Various things are a challenge for the Company this year, including coal price corrections and market fluctuations. The average ICI-3 coal price is corrected by around 33 percent from 128.5 US dollars per tonne in January-September 2022 to 86.3 US dollars per tonne in January-September 2023," Niko continued.

On the other hand, the Cost of Sales has increased, including components of royalty costs, rail transportation, and mining services.

Niko added that PTBA is also trying to maximize market potential in the country as well as export opportunities to maintain good performance. The Company also consistently prioritizes cost leadership in every company line, so that the implementation of sustainable efficiency can be carried out optimally.

"In addition, 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," concluded Niko.