Bukit Asam’s Profit Falls 6% to Rp 2.9t in 2012
(The Insider Stories) - State controlled coal mining firm, Bukit Asam (PTBA), booked a minor decline in its profit last year, amid the falling price of coal in the international market.
The company’s net profit fell 6 percent to Rp 2.9 trillion in 2012 from 3.09 trillion in the previous year. PTBA’s revenue actually rose by 9.6 percent to Rp 11.6 trillion, thanks to higher coal sales.
However, its lower average selling price for coal dragged down the company’s profitability.
Coal sales volume rose 13 percent to 15.3 million tons last year with 55% of its market was from domestic and 45% in overseas.
In 2011, its coal sales stood at 13.5 million tons. PTBA said amid the declining price of coal in the international market (which decline at around 20%-30%), the company saw its average selling price was also affected.
It said for the entire year of 2012, the average selling price for its coal fell to Rp 754,544 per ton.
That was lower than Rp 784,304 per ton in the previous year. Higher cost of goods sold (COGS) worsened the situation. Its COGS rose 23 percent to Rp 6.51 trillion, which was attributable to higher fuel price.(Anwar)