The Jakarta Post | Business | Fri, March 08 2013, 11:42 AM
JAKARTA: State-owned coal producer PT Bukit Asam (PTBA) suffered a 6 percent drop in its net profits to Rp 2.9 trillion (US$299 million) in 2012 from Rp 3.09 trillion a year earlier, the company announced on Wednesday.
The company’s sales rose by 9.6 percent to Rp 11.6 trillion last year, up from Rp 10.6 trillion in 2011, while sales volume rose by 13 percent to 15.3 million tons, up from 13.5 million tons a year earlier.
The rise in the company’s sales was countered by the fall in the price of coal which dropped by between 20 to 30 percent last year, PTBA corporate secretary Joko Pramono said on Wednesday. He said that the company focused on the sale of high calorific coal last year to obtain better prices.
Of the 15.3 million tons of coal sold, 6.9 million tons or about 45 percent was sold overseas. The company’s exports increased by 46.4 percent last year due to its sharp increase in high calorific coal shipments, according to Joko.
PTBA’s average selling price stood at Rp 754,544 per ton in 2012, declining by almost 4 percent compared to Rp 784,304 per ton a year earlier. The company expects its sales volume to increase by 35 percent this year to 20.6 million tons from that recorded in 2012.
Shares in PTBA closed at Rp 14,900 on Wednesday prior to the company’s financial announcement. The share price increased by 2.41 percent compared to a day earlier.