PTBA's profit rises almost double in 2Q

JAKARTA: PT Tambang Batubara Bukit Asam, a state-controlled coal mining company, said profit in the second quarter rose almost double thanks to increasing revenue.In a statement published in Bisnis Indonesia newspaper today, the companys net income in six months ended June 30 climbed to IDR1.61 trillion, or IDR699 a share, from IDR908.11 billion, or IDR394 a share, a year earlier.Sales in the period advanced 34.90% to IDR5.12 trillion from IDR3.79 trillion. Its net operating income nearly doubled to IDR1.97 trillion.The companys cash and cash equivalent jumped 20.70% to IDR6.10 trillion as of June 30, 2011 from IDR5.05 trillion as of December 31, 2010.Its assets reached IDR10.83 trillion as of June 30,2011, or rose 24.22% from IDR8.72 trillion as of December 31, 2010. Meanwhile, its liabilities climbed 71.04% to IDR3.90 trillion as of June 30, 2011 from IDR2.28 trillion as of December 31, 2010.The company is eyeing a 100% jump in net profit this year on the back of stronger global coal demand and selling price in the domestic market.Analysts consensus estimates that Bukit Asam may enable to record IDR3.55 trillion in net profit and IDR11.62 trillion in revenue.The miner will boost capital expenditure to IDR1.8 trillion this year from IDR1.4 trillion last year. Production is estimated to increase 23% to 17.57 million tons from 13.02 million tons of coal last year.The PTBA-coded stock gained 1.67% or IDR350 to IDR21,250 as of 10.53 a.m. local time at the Jakarta Stock Exchange. (msw)