Friday, 20 May 2022 | 17:24 WIB

Net Profit of Bukit Asam Rises 12.3% to IDR5.02 Trillion in 2018

Net Profit of Bukit Asam Rises 12.3% to IDR5.02 Trillion in 2018 (annualreport)

JAKARTA, NNC - Listed coal company PT Bukit Asam Tbk (IDX:PTBA) in 2018 managed to record a pretty good performance in the midst of challenging economic conditions. The company posted net profit of IDR5.02 trillion, up 12.3% compared to IDR4.47 trillion in the previous year.

"The net profit is due to the increase in operating revenues from export sales to more than IDR2.44 trillion, as well as sustainable efficiency," said PTBA Managing Director Arviyan Arifin, in Jakarta on Monday (11/3/2019).

He said that the company's operating income throughout 2018 reached IDR 21.17 trillion, up IDR 1.69 trillion from IDR 20.02 trillion in 2017. The revenue was derived from domestic coal sales by 49%, export coal sales 48% and the remaining 3% from other business activities such as sales of electricity, briquettes, crude palm oil, hospital health services and rental services.

"Revenues are affected by the average selling price of coal during 2018 which has increased compared to the same period of the previous year, which was 3% or increased by IDR 808,690 per ton to IDR 834,558 per ton," he said.

Meanwhile, in terms of EBITDA PTBA recorded an increase of 11% compared to the previous year to be IDR 7.59 trillion. Cash and equivalent as of December 31, 2018 was recorded at IDR6.30 trillion. With this, the cost of goods sold of IDR12.62 trillion rose 15% from IDR10.96 trillion in 2017.

In 2018, the company's production grew by more than 2.12 million tons and export sales increased by more than 1.54 million tons with coal transportation via railroad up by more than 1.32 million tons from the same period the previous year.

"The success is inseparable from management's strategy in optimizing export market opportunities to several countries such as India, South Korea, Hong Kong and Thailand, amid restrictions on exports by China. It is also supported by the success of the optimization strategy to sell export of medium to high calorie coal to the premium market with tonnage which reached 2 times more than the tonnage of the previous year, "he concluded.