PTBA switches export market from China to Taiwan and Vietnam | Company data 

(The Insider Stories) – State-owned coal producer PT Bukit Asam (PTBA) is planning to switch its export market to Taiwan and Vietnam from China due to recent slower economic growth in China, and started coal exports to Taiwan in the first quarter of 2013, shipping about 487,080 metric tons to Taiwan from total exports of 2.44 million tons.

The company expects boost revenue 20% this year by selling 20 milion tons of coal with 60% of the sales target carrying a lock up higher than the average first-quarter selling price, and will add new freight carts to help meet the target, PTBA Finance Director Achmad Sudarto says. Last year’s revenue was 11.5 trillion rupiah.

As of March PTBA had bought back 2.7% of its shares in a buyback program for IDR900 billion, and plans to buy back another 2.3% by June. It is preparing IDR2.4 trillion capex from internally generated cash and has IDR6 trillion free cash.

PTBA CEO said shareholders gave approval for a dividend equal to 55% on 2012’s net profit after tax or IDR2.91 trillion, or more than IDR700 a share.

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