Despite a lower bottom line, state-owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) is a cash rich company. In the first half 2010 (1H 2010), Bukit Asam booked net cash from operating activities of Rp1.04 trillion, a 569.47% jump compared to the same period last year of Rp154.88 billion. The company also aims to jack up coal production capacity to 50 million tons in 2014. In a press conference today, the company has set a target of coal production of 12.5 million tons this year.
"Coal sales volume is estimated to reach 15 million tons-16 million tons in 2010 with average selling price of Rp600,000 per ton," said Bukit Asam's Corporate Secretary Achmad Sudarto said. Bukit Asam reports a 43% drop in net profit in 1H 2010 on the back of lower weighted average selling price. The company posted Rp908.11 billion of net profit 1H 2010 compared to the same period last year of Rp1.59 trillion. more...
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