PTBA Profits Plunge 59% to Rp833 Billion in H1 2025

PT Bukit Asam Tbk (PTBA) financial report shows a net profit of Rp833.04 billion in the first half of 2025.

This net profit attributable to the parent entity decreased by 59% year-on-year (yoy) compared to Rp2.03 trillion in the same period last year.

However, the state-owned enterprise under the MIND ID holding company achieved revenue of Rp20.45 trillion in the first half of 2025, a 4.12% yoy increase from Rp19.64 trillion in the first half of 2024.

As reported by Katadata, PTBA Corporate Secretary Niko Chandra stated that sales comprised 54% from the domestic market and 46% from exports.

Along with the increase in revenue, Bukit Asam's cost of goods sold also swelled to Rp18.20 trillion from Rp16.23 trillion year-on-year. General and administrative expenses also increased from Rp929.33 billion to Rp1.01 trillion, and sales and marketing expenses rose from Rp364.70 billion to Rp385.97 billion.

Niko explained that global coal price pressure was a major challenge in the first half of the year. The ICI-3 price index fell 14% year-on-year, from US$75.89 to US$65.15 per ton. Meanwhile, the Newcastle index dropped 22%, from US$130.66 to US$102.51 per ton.

He stated that this issue could be addressed through an adaptive marketing strategy, market diversification, and customer portfolio management. "The company also recorded an average selling price of Rp930,000 per ton, down 4% from the same period last year," he said.

Operational costs also faced pressure due to the increase in fuel oil (BBM) prices, averaging Rp14,666 per liter, a 7% increase compared to Rp13,682 per liter in the same period last year. The increase in fuel consumption was in line with the increased production volume and coal transportation distance.

Although PTBA experienced a decline in demand from major export markets such as China, it managed to maintain sales performance by expanding its business through exports to countries such as Bangladesh, India, Vietnam, the Philippines, and Thailand. In line with increased production and sales, coal transportation volume increased by 9% to 19.27 million tons from 17.70 million tons previously.

This increase was supported by supply chain optimization and efficiency in the logistics sector. This increase in operational activity contributed to PTBA's consolidated revenue of Rp20.45 trillion, up 4% compared to Rp19.64 trillion in the same period last year.

Total company assets also grew by 2%, from Rp41.78 trillion as of December 31, 2024, to Rp42.68 trillion as of June 30, 2025. Liabilities amounted to Rp22.89 trillion, and equity reached Rp19.78 trillion in June 2025.