In the middle of the global economic conditions which still difficult and the price of coal is still not stable, in the third quarter of 2016 (3Q16), PT Bukit Asam (Persero) Tbk (PTBA) has successfully booked a good financial performance.
This good performance also had a positive impact on the performance of the Company's shares which ranks second in the surge of amount of the shares in The Bisnis27 Index about 165,19 percent.
Reliance Securities and Bahana Sekuritas are assessing that PTBA is the most superior issuer and has a strong foundation in the best performance among all issuers of coal for power generation project leader in Indonesia and has a healthy balance sheet.
This is indicated by the share price of PTBA at the closing on September 30 2016 on the position Rp9.625 per share or higher than the price at the opening of trading on January 4 2016 on the position Rp4.500 per share.
PTBA Company Secretary Adib Ubaidillah in the Announcement of Financial Statements at September 30 2016 were officially published on Thursday (10/27/2016), explained, for the period of January-September 2016, the Company was booked revenues amounted Rp10,04 trillion or slightly similar 96 percent than the period of the previous year which amounted Rp10,50 trillion.
It’s related to unrecovered of coal price as reflected an average sales price in the period of January-September 2016 about Rp645,844 per tons quite low compared to Rp712,099 per ton on the previous year.
Meanwhile an export average sales price from January-September 2016 of USD51,75 per tons quite low versus USD60,81 per ton last year.
For a coal production and purchasing from January to September 2016 achieved by 14,02 million tons or slightly 92 percent compared to 15,26 million tons last year. The total production attained by 12,98 million tons or 92 percent related to the last year. And purchasing attained by 1,04 million tons equal to 88 percent bordered on the last year. The production had downturn solely in order to coal stock optimization both mines and coal port.
For a net profit income, during January to September 2016, The Company’s has posted a net profit of Rp1,55 billion. In terms of margin, The Company recorded a Gross Profit Margin (GPM) of 24,35 percent, Operating profit Margin (OPM) 12,31 percent, and The Net Profit Margin (NPM) amounted to 10,51 percent.
Based on the number of outstanding shares which has been reduced by Treasury Stock, The Company’s record a profit earning per share amounted to Rp486.
For a sales report, PTBA has recorded that the sales volume achieved by 15,14 million tons, up 5,5 percent from the same period in 2015 which amounted to 14,35 million tons.
The Company policies which prioritize the coal medium range calories has led to the composition of sales to the domestic market reached 60,6 percent, up 23 percent from 7,46 million tons in the third quarter of 2015 to 9,18 million tons in the same period in this year.
As for export sales is increased to 39,4 percent or to 5,96 million tons. The increase in sales volume was contributed to The Company's revenue which amounted to Rp10,04 trillion. And this increase is not separated from the increase of railway transportation of coal from the mine to the port of shipment by 6 percent or to 12,68 million tons, compared to the same period of the previous year amounted to 11,94 million tons.
The 2016 Target
Until the end of 2016 period, the Company is targeting to increase sales volume by 23 million tons, up about 21 percent of the achievement of 2015 amounted to 19,1 million tons.
Meanwhile for the export market in 2016, The Company’s would been focusing on coal sales medium range calorie escalated which meet well demand from China, Taiwan, Japan, Malaysia, India, and Vietnam including potential emerging market such as Korea, Philippines, Bangladesh, and the others.
Moreover, coal transportation by railways would be risen about 21 percent or 19,1 million tons in 2016, the escalation of railways freight in this year in as much as it’s was supported by an additional wagon and locomotives which already fully operated and be accompanied of the double track lines completion from Prabumulih to Tanjung Enim, an addition of sliding railways station has also attempting to escalate the amount of transport and reducing travel time.
