PTBA - A 62% yoy net profit dips in 9M23

PTBA - A 62% yoy net profit dips in 9M23 Bukit Asam (PTBA) faced a significant 62% yoy decline in net profit, amounting to IDR3.78 tn in 9M23, primarily due to a drop in coal prices. However, the company saw a notable surge in coal production, reaching 31.9 mn tons (+15.2% yoy). Sales volume also rose by 14.9%, with exports accounting for 11.2 mn tons (+24.4% yoy). Despite market challenges, PTBA remains committed to optimizing opportunities in both domestic and international markets to uphold its performance. Additionally, PTBA highlighted advancements in key projects, including the Sumsel-8 Mulut Tambang Power Plant, which is at 99% construction progress and slated for commercial operation in 4Q23. Moreover, PTBA has allocated land for downstreaming industries, signaling collaboration with potential partners in this endeavor. (Source: Kontan)