PTBA – A 10.84% yoy lower revenue in 9M23 on lower coal prices

PTBA – A 10.84% yoy lower revenue in 9M23 on lower coal prices Bukit Asam (PTBA) faced a challenging performance in 2023 due to the significant drop in coal prices. As a result, PTBA' 9M23 revenue and net profit declined by 10.84% yoy to IDR27.7 tn and 62% yoy to IDR3.8 tn, respectively. The decrease in coal prices coincided with the resolution of the geopolitical crisis between Russia and Ukraine, accompanied by an increase in supply. Additionally, the company encountered pressure from initiatives plan to increase the use of renewable energy, further impacting prices of fossil fuel-based commodities. (Source: Kontan)