Jakarta, March 11, 2019 - PT Bukit Asam Tbk was please to announce the Company's Operational and Financial Performance as of December 31, 2018. The company has demonstrated a successful performance improvement, both in terms of operations and finance despite of the challenging economic conditions. The company’s net profit surpassed Rp. 5.02 trillion due to the increase in export sales’ operating income that reached more than Rp. 2.44 trillion, as well as the successful sustainable efficiency program. EBITDA was also recorded at Rp. 7.59 trillion or III% from the same period of the previous year. This number is not only higher than that of year 2017 and exceeding the net profit’s target of 2018, but also recorded to be the highest since the Company first operating.
Cash and equivalent as of December 31, 2018 was recorded at Rp. 6.30 trillion, an increase of 77% compared to 31 December 2017. With a cash ratio or cash and equivalent against short-term liabilities as of 31 December 2018, it reached 128%, far higher than the cash ratio per 31 December 2017, which was only 79%. This showed significant increase in the Company's liquidity and its ability to meet short-term obligations.
Meanwhile, operational performance during 2018 showed significant increase in production by more than 2.12 million tons and export sales’ increase by more than 1.54 million tons, with coal transport via train grew by more than 1.32 million tons from the same period of the previous year. The success was inseparable from management's strategy in optimizing export market opportunities to several countries such as India, South Korea, Hong Kong and Thailand, despite China’s import restrictions as the largest export market share. The coal export sales of the medium to high calorie market also contributed with a tonnage reaching 2 times more than the previous year.
The Company's operating revenues were recorded at Rp 21.17 trillion consisting of 49% from domestic coal sales revenue, 48% from export coal sales and other 3% from other business activities, such as electricity sales, briquettes, crude palm oil, services hospital health and rental services.
Besides volume factor, the increase in business revenue was also influenced by the average selling price of FY2018 coal which 3% increased compared to the same period of the previous year, from Rp. 808,690 / ton to Rp. 834,558 / ton, due to the significant increase in Newcastle's average coal prices in 2018, that is 21%, as well as the average increase in Reference Coal Prices (HBA) of 15%, the comparison to the average price in 2017.
The 2018 business income increase and ongoing cost efficiency efforts, resulted in the Company's net profit to surpass Rp. 5.02 trillion, the highest net profit achievement since the Company first operating.