JAKARTA. PT Bukit Asam Tbk (PTBA) was only able to book a net profit of IDR 2.39 trillion in the 2020 financial year, 41% lower than the 2019 fiscal year.
The decrease in net profit was due to the decline in PTBA's revenue in 2020 to 20.48% year-on-year (yoy), or compared to the previous period. Throughout 2020, the coal produce 's total revenue was only IDR 17.33 trillion.
Based on idnfinancials.com data, most of PTBA's revenue in 2020 came from coal sales, which contributed as much as IDR 17.07 trillion to total revenue. Meanwhile, IDR 252.4 billion was revenue from other business lines.
Although in 2020, PTBA management has made efficiency to optimize financial performance amid the Covid-19 pandemic and the sluggish coal business. "The company continues to make efficiency efforts and is targeting new shares for coal sales," said Apollonius Andwie C, Corporate Secretary of PTBA in the middle of last year.
PTBA has felt the challenges in the coal business since the beginning of last year. This is following the spread of Covid-19 in a number of countries, which resulted in reduced demand for coal supplies. (KR/LM)