PTBA's revenue declines due to COVID-19
JAKARTA - PT Bukit Asam Tbk (PTBA) booked a revenue of Rp9 trillion in the first half of 2020, lower than its record in the same period in 2019 (Rp10.6 trillion). Meanwhile, its profit also declined from Rp2.01 trillion to Rp1.3 trillion. The decline was mainly caused by lower energy consumption due to the COVID-19 pandemic.
Apollonius Andwie, Corporate Secretary of PT Bukit Asam Tbk (PTBA) said that the lockdown policy implemented in China and India caused a decline in energy consumption. The condition is the same in the domestic market. The decline in electricity consumption in DKI Jakarta, Banten, and all regions in Java and Bali also has an impact on the absorption of coal, he said in Jakarta on Wednesday (30/9).
He said the decline in coal prices this year also affected the company's performance. "The coal reference price (HBA) declined by about 20% from US$ 65.93/ton in January 2020 to US$52.98/ton in June 2020," he said.
According to him, the company continues to improve its efficiency to keep the figures positive, including by cutting transportation expenses and reducing the stripping ratio. (LK/AR)