The most profitable coal mine company PT Tambang Batubara Bukit Asam Tbk (PTBA) reports a steep drop in Q1 2010's net profit by 59.48% on the back of lower weighted average selling price.
In return, revenue fell 23.61% from Rp2.33 trillion in Q1 2009 to Rp1.78 trillion in Q1 2010.
Bukit Asam's average selling price took the plunge by 32% to Rp555,457 per ton in Q1 2010 from the same period last year.
The lower average selling price was in line with a decrease of selling price to coal-fired power plant PLTU Suralaya in 2010. Sales of lower rank coal soared from 41% in Q1 2009 to 63% in Q1 2010 of the company's total export.
Bukit Asam posted a 64.33% drop in operating income from Rp1.19 trillion in Q1 2009 to Rp422.92 billion in Q1 2010.
Adding to that, Bukit Asam's net profit tumbled 59.48% to Rp373.03 billion in Q1 2010 from the same period last year of Rp920.57 billion. Bukit Asam aims to jack up coal sales volume to 15.6 million tons this year.
In return, revenue fell 23.61% from Rp2.33 trillion in Q1 2009 to Rp1.78 trillion in Q1 2010.
Bukit Asam's average selling price took the plunge by 32% to Rp555,457 per ton in Q1 2010 from the same period last year.
The lower average selling price was in line with a decrease of selling price to coal-fired power plant PLTU Suralaya in 2010. Sales of lower rank coal soared from 41% in Q1 2009 to 63% in Q1 2010 of the company's total export.
Bukit Asam posted a 64.33% drop in operating income from Rp1.19 trillion in Q1 2009 to Rp422.92 billion in Q1 2010.
Adding to that, Bukit Asam's net profit tumbled 59.48% to Rp373.03 billion in Q1 2010 from the same period last year of Rp920.57 billion. Bukit Asam aims to jack up coal sales volume to 15.6 million tons this year.
Both Bukit Asam and China Railway Engineering Corporation own 10% stakes in PT Bukit Asam Transpacific Railway and the remaining goes to Transpacific Railway Infrastructure, which is 100% owned by Rajawali Group.
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