PT Bukit Asam (Persero) Tbk explored the European market for coal exports which began with exporting hundreds of tons of the commodity to Italy.

PTBA Finance and Risk Management Director Farida Thamrin said that her party is trying to open up export opportunities to countries in Europe to simultaneously take advantage of the moment of increasing coal prices in the global market.

"Bukit Asam continues to increase the portion of exports, of course, not ignoring domestic needs," he said in a press statement in Palembang, Tuesday.

According to Farida, the main export market of the company with the issuer code PTBA is currently still dominated by India, even there is an increase of up to two million tons on an annual basis (year on year / yoy) in the country.

India is ptba's largest export destination with a share reaching 18 percent of total sales.

Then, other destination countries followed by South Korea (4 percent), Thailand (3 percent), China (2 percent), and Cambodia (2 percent).

Overall, Farida explained, the portion of coal export sales increased from 33 percent in the first quarter of 2022 to 38 percent in the second quarter of 2022.

The increase in the second quarter caused the share of exports in the first half of 2022 to be recorded at 35 percent of all sales.

The Average Selling Price (ASP) or average selling price in the second quarter of 2022 was recorded at IDR 1.3 million per ton, an increase of 14 percent compared to the first quarter of 2022 due to an increase in the portion of export sales.

As for the domestic market, he said, the company continues to meet the supply of coal for domestic needs by 65 percent.'

With the still high coal prices and increasing export needs and demand, the company is optimistic that it can continue to improve its performance until the end of 2022, he said.

As of the first semester of 2022, PTBA posted a net profit of IDR 6.2 trillion, an increase of 246 percent compared to the same period last year of IDR 1.8 trillion.

The achievement of net profit was supported by revenue of IDR 18.4 trillion, an increase of 79 percent compared to the same period last year.

The cash reserve position was well maintained despite the highest dividend payment of IDR 7.9 trillion in June 2022. Nett cash was recorded at IDR 11.1 trillion.

This achievement is also supported by the company's solid operational performance throughout the first semester of 2022.

Prioritizing cost leadership in every line of the company, the company applies sustainable efficiencies optimally, said Farida.

The total coal production of PTBA during the first semester of 2022 reached 15.9 million tons, an increase of 20 percent compared to the first semester of 2021 which was 13.3 million tons. Meanwhile, PTBA's coal sales per semester I-2022 amounted to 14.6 million tons, growing 13 percent on an annual basis.

Source: https://www.antaranews.com/berita/3127745/ptba-jajaki-pasar-eropa-kirim-ratusan-ton-batu-bara-ke-italia