'The profits are the result of the selling of 15.3 million tons of coal which raised total revenue to Rp 11.6 trillion,' said PTBA president director, Mulawarma, in Jakarta, on Thursday, following the company's annual shareholder meeting.

In last year's meeting, PTBA reported full-year net income of Rp 3.09 trillion in 2011.

The company has yet to announce its stock price as a stock price correction is still underway after it carried out a share buy-back.

PTBA is aiming to sell 22.68 million tons of coal this year. To achieve the target, PTBA in cooperation with state-owned railway operator PT Kereta Api Indonesia (KAI) will increase railway capacity by purchasing 44 new locomotives and 230 new freight cars, which it hopes to realize in the second quarter of this year.

'PTBA then will have a total of 88 locomotives and 2,741 cars which will transport coal to Tarahan Port in Lampung and Kertapati quay in Palembang,' said Mulawarma.

With the improved capacity of its coal transportation, PTBA will be able to transport 25 million tons of coal per year.

Mulawarma said PTBA was sounding out the possibility of market expansion in Myanmar. PTBA would continue to expand sales to Japan, Malaysia, Taiwan and Vietnam after the company's sales to China declined, he added.

Sales to Taiwan accounted for 20 percent of total exports in the first quarter of this year which reached 4.51 million tons. (ebf)

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