State-Owned Coal Miner PTBA Sees 13% Jump in Revenue
Tambang Batubara Bukit Asam, a state coal miner, posted a 13 percent increase in revenue in the first half of this year, thanks in part to rising volume of coal in the period.
PTBA corporate secretary Hananto Budi Laksono said on Monday that revenue at the Muara-Enim, Sumatra-based company rose to Rp 5.78 trillion ($613 million) in the first six months this year from Rp 5.12 trillion in the same period in 2011.
The company booked an increase in coal sales volume in the period.
Coal sales volume increased to 7.3 million metric tons in the January to June period this year, from 6.5 million tons in the same period.
The company also produced 14 percent more coal in the period at 7 million tons, Hananto said.
Milawarma, the president director of PTBA, said in May that coal production was expected to rise 27 percent to 17.4 million tons this year. Bukit Asam’s coal sales are forecast to hit 18.66 million tons this year, from 13.5 million tons last year.
Increasing production and sales are expected to help push Bukit Asam’s revenue to Rp 14 trillion, Milawarma said last week. It posted revenue of Rp 10.6 trillion last year, the president director said.
PTBA expects its coal production to reach 50 million tons in 2016. The company has set a up a joint venture with state railway operator Kereta Api Indonesia to transport coal from Muara Enim, where PTBA is based, to the Tarahan and Kertapati ports in the southern part of Sumatra.
PTBA is competing with other rivals such as Adaro Energy, Harum Energy and Bumi Resources.
Shares of PTBA were comparatively steady compared to their peers on the local bourse, with PTBA rising 0.33 percent to Rp 15,400. Bumi Resources climbed 1.7 percent to Rp 1,070, while shares of Adaro fell 0.7 percent to Rp 1,360, and Harum Energy declined 2.7 percent to Rp 5,800 on the Indonesia Stock Exchange on Tuesday.
Indonesia is the world’s second-biggest shipper of thermal coal, with 20.8 billion metric tons of proven coal reserves, according to the Energy and Mineral Resources Ministry.