PTBA Records Rp3.8 Trillion Profit in Q3 2023, a 62% Drop

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Erlina Fury Santika 31/10/2023 12:38 WIB

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PTBA recorded a net profit of Rp3.8 trillion in the third quarter of 2023. This figure represents a drastic 62% year-on-year (yoy) decrease.

PT Bukit Asam Tbk/PTBA Revenue and Net Profit (Q3 2022 - Q3 2023)

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PTBA Records Rp3.8 Trillion Profit in Q3 2023, a 62% Drop

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PT Bukit Asam Tbk/PTBA Revenue and Net Profit (Q3 2022 - Q3 2023)

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Coal mining issuer PT Bukit Asam (PTBA) recorded a net profit of Rp3.8 trillion in the first nine months of 2023 or Q3 2023.

According to *Kontan.co.id*, this figure actually plummeted 62% year-on-year (yoy) from the same period last year, which recorded a net profit of Rp10 trillion.

This state-owned company also raked in revenue of Rp27.7 trillion. This figure is down 10.84% (yoy) from the previous Rp31.07 trillion. Total company assets as of September 30, 2023, amounted to Rp36 trillion.

In its official statement, PTBA stated that its coal production up to Q3 2023 reached 31.9 million tons, a 15.2% yoy increase from 27.7 million tons.

PTBA stated that the production increase was due to a surge in coal sales volume by 14.9% to 27 million tons. Up to Q3 2023, PTBA also recorded export sales of 11.2 million tons, up 24.4% (yoy). Meanwhile, the Domestic Market Obligation (DMO) realization was recorded at 51%.

On the one hand, PTBA did not deny that it faced several challenges. The biggest was the decline in coal prices and market fluctuations.

"The average price of ICI-3 coal was corrected by approximately 33% from US$128.5 per ton in January-September 2022 to US$86.3 per ton in January-September 2023," wrote PTBA on its official website.

On the other hand, the Cost of Goods Sold (COGS) increased, including in the components of royalty costs, railway transportation, and mining services.

"Therefore, PTBA continues to strive to maximize domestic market potential and export opportunities to maintain performance," said PTBA.

(See also: [Indonesian Coal Reference Price Down for Three Consecutive Months Until October 2023](https://databoks.katadata.co.id/datapublish/2023/10/19/harga-batu-bara-acuan-ri-turun-3-bulan-berturut-turut-hingga-oktober-2023))

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."

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PTBA Records Rp3.8 Trillion Profit in Q3 2023, a 62% Drop

PTBA Records Rp3.8 Trillion Profit in Q3 2023, a 62% Drop

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PTBA Records Rp3.8 Trillion Profit in Q3 2023, a 62% Drop

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