PTBA – Net profit reached IDR790.9 bn in 1Q24

PTBA – Net profit reached IDR790.9 bn in 1Q24 Bukit Asam (PTBA) booked revenue of IDR9.4 tn and net profit of IDR790.9 bn in 1Q24. This achievement was supported by an increase in PTBA operational performance of coal production around 7.3 mn tons (+7% yoy) and coal sales around 9.7 mn tons (+10% yoy) in 1Q24. PTBA recorded an increase in export sales of 4% yoy to number of countries, including India, South Korea, Thailand, Vietnam and Malaysia. Meanwhile, the realization of DMO was recorded at 5.9 mn (+14% yoy). The realization of coal transportation via railway in 1Q24 reached 8.4 mn tons (+9% yoy), even though it was affected by the collapse of a girder on the Bantaian flyover construction project last March. Challenges for PTBA this year are corrections in coal prices and market fluctuations, as the average ICI-3 coal price index was corrected by around 21% yoy from USD100.44 per ton in January to USD78.9 per ton in March and the average Newcastle coal price index corrected around 49% yoy to USD125.76 per ton in March. Therefore, PTBA continues to maximize domestic market potential and export opportunities. PTBA targets 41.3 mn tons of coal production, 43.1 mn tons of coal sales and 33.7 mn tons of coal transportation in 2024. (Source : Idx)