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Bukit Asam strikes gold in first quarter of 2018
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A Bukit Asam coal-fired power plant in Muara Enim, South Sumatra. (Antara/ Zabur Karuru)
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tate-owned coal miner PT Bukit Asam saw its net profit soar 66.6 percent in the first quarter owing to an increase in its coal sales amid an upward trend in global prices.
Bukit Asam sold 6.29 million tons of coal within the first three months of 2018, up 15.9 percent year-on-year. At the same time, its coal selling price averaged at Rp 892,243 (US$64.69) per ton, up 9.73 percent annually.
As a result, the company’s revenue climbed 26.4 percent to Rp 5.74 trillion, leading to a 66.6 percent increase in its net profit to Rp 1.45 trillion.
“This positive result was driven by an increase in our revenue from coal exports, while revenue from domestic coal sales was relatively similar compared to the previous corresponding period,” Bukit Asam said in a statement on Thursday.
Coal exports accounted for 55 percent of Bukit Asam’s total revenue, while the other 43 percent came from its domestic coal sales and about 2 percent was generated from other business activities, such as electricity and crude palm oil sales as well as hospital services.
Bukit Asam has set a target to produce 25.54 million tons and sell 25.88 million tons of coal throughout 2018, up 5.3 percent and 9.5 percent, respectively.
The company has allocated Rp 6.55 trillion in investment spending this year, of which Rp 5.12 trillion is for business development and the rest is for regular expenses. (bbn)
