JAKARTA. PT Garda Tujuh Buana Tbk (GTBO), a coal mining company, posted sales of US$44.25 million during January-September (9M) 2023.

GTBO's sales in 9M 2023 rose 31.9% year-on-year (yoy) or compared to the same period last year, where the company only posted sales of US$33.54 million. All of the company's sales in 9M this year were made to overseas customers.

Meanwhile, GTBO's cost of goods sold only rose 7.2% yoy in 9M 2023, to US$28.74 million. This also caused the company's net profit to increase significantly by 245.8% yoy to US$10.58 million.

As of September 30 2023, GTBO's total assets were recorded at US$68.91 million, with cash and cash equivalents of US$8.6 million. Meanwhile, the company's total equity was recorded at US$56.5 million.

In terms of production, the volume of coal produced by GTBO was recorded at 1.43 million MT as of September 30 2023. Meanwhile, the company's proven coal reserves were recorded at 80.2 million MT. (KR/LM)