The state-controlled coal miner PT Bukit Asam Tbk (PTBA) reported a 108.07% jump in net profit during the first 3 months in 2011 on the back of revenue growth.
The company's net profit reached Rp760.92 billion or Rp330 per share in 1Q 2011 compared to Rp365.70 billion or Rp162 per share in 1Q 2010.
Bukit Asam recorded Rp944.64 billion in operating profit, surging 123% from Rp422.92 billion. Gross profit increased 75.94% to Rp1.24 trillion from Rp706.75 billion.
The company posted Rp2.32 trillion in sales, a 30% from Rp1.78 trillion because of higher selling price of coal both in the local and export markets.
Bukit Asam's average selling price (ASP) increased 35% to Rp751,457 per ton compared to a year earlier.
Coal outputThe miner produced a 16% increase in coal production to 3 million tons, while coal sales decreased 4% to 3.1 million tons as sales volume fell.
The company expects to increase coal sales volume of 23% to 16.8 million tons in 2011. These expectation is in line with the plan of PT KAI, railway transportation operator, to increase its capacity to 13.6 million tons this year. Bukit Asam also plans to boost the output at IPC mine in East Kalimantan.Disclosure: No position at the stock mentioned above.
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