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Coal giant Bukit Asam books record-high net profit
The publicly-listed coal miner booked Rp 7 trillion (US$487 million) in profit in the January-November period, which it says is the highest ever recorded.
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A field officer monitors heavy equipment used at an open pit coal mining site of PT Bukit Asam in this undated photo. (Courtesy of/www.ptba.co.id)
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T Bukit Asam has booked Rp 7 trillion (US$487 million) in profit in the January-November period, which it says is the highest ever recorded.
The coal mining company’s revenue, meanwhile, reached Rp 26.2 trillion in the same period on high coal prices, Bukit Asam president director Suryo Eko Hadianto said on Friday.
The latest figures mark a recovery from last year, when Bukit Asam saw its profit slump to Rp 2.40 trillion last year, down 40 percent from the previous year, amid low global coal demand and prices.
Read also: Bukit Asam profits dip 44 percent in September amid weak coal demand
“This is the highest profit ever recorded in the history of Bukit Asam,” Suryo said during an online press conference, adding that the company was also set to expand its business into the renewable energy and chemicals industry by 2026.
The company, publicly listed on the Indonesia Stock Exchange (IDX) as PTBA, says it has a three-pronged strategy to transform its business, including growing its portfolio of new and renewable energy power plants, developing downstream coal and chemical industries and integrating carbon reduction targets in its mining operations.
“Bukit Asam aims to become an energy-based business with a targeted 50 percent of revenue from the [renewable] energy business and 50 percent from the coal business,” said Suryo.
