Jakarta, April 24, 2019 - PT Bukit Asam Tbk recorded an increase in operational performance in the first quarter of 2019 amounted to 5.70 million tons, an increase of 8.0% compared to the same period last year or i.e. 5.28 million tons. Coal transportation was 5.84 million tons, an increase of 7.6% compared to 5.43 million tons last year, and sales increased to 6.65 million tons, up 5.6% from 6.30 million tons the same period last year.
The achievement of the Company's operating performance was inseparable from management's strategy in optimizing export market opportunities to several countries such as India, South Korea, Sri Lanka and Hong Kong, despite import restrictions by China, the largest export market share. Besides, the optimization strategy in selling coal to medium to high calorie exports to the premium market, also played significant role.
During Q1 2019, the Company recorded a business income of Rp 5.34 trillion, consisting of 46% domestic coal sales, 50% export coal sales, and 4% other activities such as sales of electricity, briquettes, crude palm oil , hospital health services and rental services.
This operating income was affected by the lowering average coal selling price by 13% to Rp 772,044 / ton from Rp 887,883 in Q1 2018. The decrease was caused by the weakening of Newcastle coal prices by 7% and thermal coal prices in Indonesia (Indonesian Coal Index / ICI) GAR 5000 of 24% compared to the average price of Q1 2018, as well as government regulations regarding the selling price of DMOs that have not been fully implemented in Q1 2018.
The cost of revenues in Q1 2019 was recorded at Rp 3.56 trillion or an increase of 12% from Rp 3.17 trillion the same period of the previous year.
The largest increase and composition was in the cost of rail transportation. This was in line with the increase in the volume of coal transportation and in mining service costs, as well as in production and in the stripping ratio in Q1 2019 amounting to 4.3 from 4.2 in Q1 2018.
Due to the income and cost increase, the Company achieved net profit of Rp. 1.14 trillion with an EBITDA of Rp. 1.73 trillion.
The Company's assets as of March 31, 2019 reached Rp. 24.83 trillion with the largest composition in fixed assets of 27% and cash or cash equivalents of 25%. Cash and cash equivalents owned by the Company are currently Rp. 6.26 trillion, relatively the same compared to December 31, 2018 of Rp. 6.30 trillion.
The total liability of the company as of March 31, 2019 is Rp. 7.27 trillion, of which 58% are current liabilities. The total liabilities decreased compared to 31 December 2018. This was caused by a decrease in the company's short-term outstanding payables. This condition caused the cash ratio or cash and equivalent to the Company's current liabilities to increase to 286%. Thus, the Company has strong liquidity or is very capable of meeting current liabilities obligation on time.
