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Sinar Mas’ coal unit’s net profits soar 6-fold
JAKARTA: PT Golden Energy Mines (GEMS), the coal unit of the Sinar Mas group conglomerate, says its 2011 profits after tax surged almost six fold to Rp 302 billion (US$32
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AKARTA: PT Golden Energy Mines (GEMS), the coal unit of the Sinar Mas group conglomerate, says its 2011 profits after tax surged almost six fold to Rp 302 billion (US$32.91 million).
The company attributed the surge to a “phenomenal” rise in coal output, which soared 148 percent to 4.39 million tons in 2011, up from 1.77 million tons, Golden Energy said in a press statement published on Wednesday.
“The year of 2011 was a breakthrough for the company, which shows continued effort in continuing to improve the organization’s performance in growing the business to be one of the biggest coal players in Asia Pacific,” the press statement reads.
Golden Energy’s cost of goods sold was Rp 2.03 trillion, up 198.45 percent to last year.
Shares in the company rose following the earnings announcement, up 8.18 percent at Rp 2,975 a share on Wednesday.
