PTBA – A declining performance on lower coal prices

PTBA – A declining performance on lower coal prices Bukit Asam (PTBA) posted a revenue of IDR9.41 tn (-5.5% yoy) and net profit of IDR790.94 bn (-32% yoy) in 1Q24. The decline in PTBA' net profit was due to a 27% qoq decrease in sales volume on heavy rainfall and a 9.9% qoq decline in average selling prices (ASP) at IDR958,400 per metric tons (MT) amid a decline in Newcastle and ICI-3 benchmark prices. Moreover, its cash costs increased by 15% qoq as the higher cost of train services. Yet, PTBA still managed to increase the proportion of sales from the non-PLN segment to domestic sales by 43% after PLTU 8 South Sumatra began to operate in 1Q24. This year, PTBA expects that the coal demand to be higher, but also anticipates the Newcastle prices to remain stable at low level throughout the year. (Source : Kontan)