PT Bukit Asam Tbk (PTBA), a state-owned coal mining company in Indonesia, sold 9.7 million tonnes of coal in the first quarter of this year, up 10% year on year, one company official said.

That included 5.9 million tonnes for the Domestic Market Obligation (DMO), which rose 14% year on year, and 3.8 million tonnes of exports, a 4% rise from a year earlier.

PTBA is stepping up efforts to tap the potential of the domestic market while seeking more opportunities in overseas markets, Niko Chandra, corporate secretary of PTBA, stated in a press release on May 3.

"Sales volume this year is targeted to increase compared to 2023," the official said.

India is PTBA's largest export destination. In the first quarter, the company's sales to India reached 1.5 million tonnes, a 7.1% rise year on year.

Progress has been made in other markets. PTBA's exports to South Korea jumped 80.9% year on year to 0.69 million tonnes over the same period. Rapid growth was also recorded in sales to several Southeast Asian countries. Exports skyrocketed by 707.3% to Thailand, 421.2% to Vietnam, 71.5% to Malaysia.

Alongside the increase in sales, PTBA's coal production also grew by 7% year on year to 7.3 million tonnes in the first quarter.

Supported by operational performance, PTBA achieved revenues of Rp 9.4 trillion ($585.7 million) and a net profit of Rp 790.9 billion in the January-March period.

"We focus on optimizing operational performance and efficiency to maintain the company's good performance," said Chandra. "We are optimistic about maintaining a positive performance in line with targets until the end of 2024."

In early March, the company's President Director Arsal Ismail announced annual plans to produce 41.3 million tonnes of the fossil fuel and sell 43.1 million tonnes this year.

(Writing by Alex Guo  Editing by Harry Huo)
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