This resulted in a 55% drop in Bukit Asam’s (PTBA) net income.

JAKARTA, – PT Bukit Asam Tbk (PTBA) reported a net profit of IDR 2.8 trillion in the first half of 2023. The net profit of coal mining company BUMN decreased by 55% compared to the first half of 2022, which amounted to 6.1 trillion rupees.

The decline in PTBA’s net income in the first half of 2023 was due to rising production costs, especially mining service fees, which rose to IDR 4.4 trillion from IDR 3.5 trillion. Similarly, the cost of rail services increased to Rs 4 trillion from Rs 2.8 trillion.

Against the backdrop of a decrease in net profit, the income of participants holding Mining SOEs also tend to stagnate. In the first half of 2023, PTBA’s revenue grew by 2% to IDR 18.8 trillion compared to the same period last year (IDR 18.4 trillion). Despite this, on a quarterly basis, PTBA’s performance improved.

According to PTBA corporate secretary Nico Chandra, the company’s financial performance rose quarterly. “This is because net income in the second quarter of 2023 reached IDR 1.6 trillion, up 33% from IDR 1.2 trillion in the first quarter of 2023,” Niko explained to the publication. Investor DaleyTuesday (29.08.2023).

Quarterly growth in net income was supported by an increase in PTBA’s operating performance during the first half of 2023. This is evidenced by the company’s total coal production in the first six months of this year, which reached 18.8 million tons, an increase of 18% compared to the same period last year. year after year (yoy) from the previous 15.9 million tons due to an increase in coal sales by 19% to 17.4 million tons.

As a result, the company also recorded export sales of 7.1 million tonnes in the first half of 2023, up 37% year-on-year.

Editor: Jauhari Mahardhika

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