JAKARTA - PT Bukit Asam Tbk (PTBA) recorded Rp 1.15 trillion of current profit in the first quarter of 2019, down when it compared to the profit achieved at Rp 1.47 trillion in the same period last year.
Suherman, Corporate Secretary of PT Bukit Asam Tbk (PTBA) stated that the decrease in profit was due to the decrease of coal prices in global. "The decrease in revenue did not just happen to PTBA but also to the other competitors," he said.
In the first quarter of 2019, the company posted Rp 5.33 trillion of revenues, decreased from Rp 5.74 trillion in the same period last year. The gross profit was recorded at Rp 1.77 trillion, decreased from Rp 2.58 trillion, and the operating profit was noted at Rp 1.41 trillion, down slightly from Rp 2.03 trillion.
According to him, the coal price in the ICE Newcastle index decreased by approximately 35%, and the ICI 3 index, which is the reference of PTBA, decreased by 24%. "ICI-3 (Indonesian Coal Index)* index, which is our benchmark for coal, it has fallen by around 24%; as with the decrease of selling prices, our net income also get the impact," he said. (LK/W)