JAKARTA - The profit of PT Bukit Asam Tbk (PTBA) reportedly declined as far as 51.42% year-on-year (yoy) throughout 2023, resulting from revenue slippage of 9.75% and a higher cost of revenue.

Based on 2023 Financial Report quoted Tuesday (5/3), the net profit of this issuer reportedly reached IDR 6.10 trillion, got halved from IDR 12.56 trillion seen in 2022. The gross profit was recorded at IDR 9.15 trillion, down 49.03% yoy from IDR 17.96 trillion seen in 2022. The gross profit margin also dropped to 23.79% from 42.12% in 2022.

Throughout 2023, this coal mining company booked revenue of IDR 38.48 trillion, also decreasing from IDR 42.64 trillion. The main contributor of the revenue was third-party coal sales of IDR 19.76 trillion, followed by related party coal sales of IDR 18.20 trillion and income from other activities of IDR 516.83 billion.

For comparison, in 2022, third-party coal sales reached IDR 21.45 trillion, followed by related party coal sales of IDR 20.64 trillion and income from other activities of IDR 549.27 billion.

Yesterday (4/3), the stock was closed at IDR 2,690 per share, increasing IDR 110 from the closing price last Friday (1/3) of IDR 2,580 per share. (LK/ZH)