REPUBLIKA.CO.ID, JAKARTA -- State-Owned Bukit Asam Coal Mine or Perusahaan Tambang Negara Bukit Asam (PTBA) posted a net profit of 542 billion IDR or increased nine percent in first quarter of 2014 compared to same period last year. Company's coal production and purchase reached 3.76 million tonnes or increased 3.9 percent.
"Coal purchasing is consisted of 3.3 million tonnes of company's production and 0.47 million tonnes, a purchase from third party," PTBA's corporate secretary, Joko Pramono said on Monday as reported by Friska Yolandha.
The publicly listed coal producer has gained revenue of 3.09 trillion IDR in the first quarter of 2014, grew 11 percent compared to same period last year. Net profit margin stood at 17 percent and return on equity (ROE) of 7.5 percent per March 2014.
PTBA managed to improve its performance amid a decline in coal price index in the world. Company implemented mining and marketing optimization strategies with seven market brand. It increased the selling price of coal from 613.810 IDR per ton to 733.396 IDR per ton.
Company also strengthened its efficiency by using self energy, no longer using electric power belonging to state owned electricity company, PT PLN. Company managed to sell excess power to PLN. PTBA targeted coal sales of 24.7 million tonnes in 2014, increased 39 percent from 17.8 million tonnes in 2013.
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