PTBA Records Revenue Of IDR 9.40 Trillion In The First Quarter Of 2024

Illustration (Doc. Special)

JAKARTA - PT Bukit Asam Tbk (PTBA) recorded revenue in the first quarter of 2024 of IDR 9.40 trillion, down 5.52 percent compared to the same quarter in the previous year or year on year (YoY) of IDR 9.95 trillion.

The decline in revenue came from PTBA's coal sales, which fell 5.59 percent from Rp9.84 trillion in the first quarter of 2023 to Rp9.29 trillion in the first quarter of 2024.

Furthermore, PTBA's coal sales in the first quarter of 2024 were also obtained from related parties of IDR 4.76 trillion and third parties worth IDR 4.53 trillion.

Apart from coal sales, PTBA's revenue came from other activities that contributed Rp112.87 billion in the first quarter of 2024, down 2.47 percent (YoY). Meanwhile, when income decreased, the cost of revenue actually increased 1.13 percent (YoY) to Rp7.99 trillion.

As a result, PTBA's gross profit fell 31.21 percent (YoY) from IDR 2.05 trillion to IDR 1.41 trillion. In addition, in the same period, PTBA can also reduce general and administrative expenses as well as selling and marketing expenses, down 6.27 percent and 5.35 percent, respectively.

Meanwhile, PTBA also recorded other income of Rp. 185.49 billion, reversing from the burden borne by PTBA in the first quarter of 2023 of Rp. 39.25 billion due to profit from foreign currency exchange rate of Rp. 78.62 billion, compared to an exchange rate loss of Rp. 116.75 billion in the first quarter of 2023.

Meanwhile, PTBA recorded a 28.13 percent decrease in operating profit (YoY) from Rp1.31 trillion to Rp948.18 billion. Meanwhile, PTBA's profit for the current period also fell 32.31 percent from Rp1.18 trillion to Rp802.78 billion in the first quarter of 2024.

Then, PTBA recorded a profit for the period attributable to owners of the parent entity of IDR 790.94 billion in the first quarter of 2024, down 31.98 percent compared to the same period last year of IDR 1.16 trillion.