JAKARTA. PT Bukit Asam Tbk (PTBA)'s net profit declined by 27.19% year on year (YoY) in the first quarter (Q1) 2019 from Rp 1.45 trillion last year to Rp 1.14 trillion.
Arviyan Arifin, Managing Director of PTBA, acknowledged that his company's net profit in Q1 this year had indeed dropped. The reason, said Arifin, was the decline in the coal price index in Newcastle and the Indonesian Coal Index (ICI) GAR 500. The company recorded that the coal price index in Newcastle fell by 7% YoY, while ICI GAR fell by 500 24% YoY.
"Indeed, this decline is solely due to the decline in coal selling prices, which is reflected in the decline in the index," explained Arifin on Thursday (25/4).
Not only that, PTBA also admitted that its net profit in Q1 last year could be quite large, due to the inadequate implementation of the Digital Market Obligation (DMO) policy. "DMO has not been fully implemented in Q1 2018," Arifin explained. (KR/AR)