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Economy in brief: Bukit Asam sees profits fall in H1
Despite selling a higher volume of coal, state-owned coal miner PT Tambang Batubara Bukit Asam (Bukit Asam) saw its profits fall in the first half of this year as the commodityâs price plunged
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espite selling a higher volume of coal, state-owned coal miner PT Tambang Batubara Bukit Asam (Bukit Asam) saw its profits fall in the first half of this year as the commodity's price plunged. The publicly listed coal supplier booked a 31.22 percent drop in net profits to Rp 795.6 billion (US$59.12 million) in the January-June period this year compared to last year, dragged by weak coal prices, corporate secretary Joko Pramono said in a statement on Wednesday.
Bukit Asam's coal sales rose mildly by 2.02 percent to 9.03 million tons, resulting in a 1 percent rise in revenue to Rp 6.51 trillion, he added. The coal price declined by 3 percent to Rp 703,005 per ton from the past year, according to the statement.
Bukit Asam produced 8.32 million tons of coal and purchased 0.82 million tons from a third party, which totaled 9.14 million tons, up 4 percent on a yearly basis, according to its records. Of the amount, 4.62 million tons were delivered to domestic buyers, while the remainder was shipped overseas.
