Coal Sales Rise, but PTBA Profit Falls 26.75% by June 2024

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Erlina Fury Santika 01/08/2024 21:10 WIB

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PT Bukit Asam (PTBA)'s financial report shows the company raked in a net profit of Rp2.03 trillion. This profit is down 26.75% despite an increase in coal sales for this MIND ID group company.

PT Bukit Asam Tbk/PTBA Revenue and Net Profit for Semester I (2023-2024)

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Coal Sales Rise, but PTBA Profit Falls 26.75% by June 2024

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PT Bukit Asam Tbk/PTBA Revenue and Net Profit for Semester I (2023-2024)

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PT Bukit Asam Tbk (PTBA)'s financial performance report, published by the Indonesia Stock Exchange (IDX), shows that net profit attributable to the parent entity reached Rp2.03 trillion in the first half of 2024.

This net profit decreased by 26.75% year-on-year (yoy) from Rp2.77 trillion in the first half of 2023.

This achievement is contradictory to the company's revenue, which reached Rp19.64 trillion in June 2024, a 4.15% yoy increase from Rp18.85 trillion in 2023.

Citing *Katadata*, sales of coal from the MIND ID group's subsidiary increased by 15% yoy to 20.05 million tons. Exports increased by 20% yoy to 8.48 million tons from 7.10 million tons.

Domestic Market Obligation (DMO) realization reached 11.57 million tons, a 12% yoy increase from 10.33 million tons. Coal production in the first half reached 18.76 million tons, with 17.33 million tons transported by rail.

"Challenges for the company this year include coal price corrections and market fluctuations," said PTBA management in its official statement on Thursday (August 1, 2024).

In detail, revenue from related parties, the PLN Group, reached Rp6.53 trillion, a 49.7% yoy increase. However, the contribution of MIND ID Trading Pte. Ltd. to PTBA's revenue decreased by 18.1% to Rp1.82 trillion.

In addition, PTBA's cost of goods sold also increased from Rp14.75 trillion to Rp16.23 trillion by June 2024, a 10% increase. As a result, the company's gross profit decreased by 17% to Rp3.40 trillion from Rp4.09 trillion in the same period of 2023.

Currently, PTBA's assets are recorded at Rp38.39 trillion in June 2024, down 0.96% from Rp38.76 trillion in December 2023. Liabilities amounted to Rp18.86 trillion, and equity amounted to Rp19.52 trillion.

(See also: PTBA's Profit Plunges 31.98% in Q1 2024)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."