Indonesian state coal miner PT Tambang Batubara Bukit Asam expects a 20 percent rise in revenue this year on the back of higher prices and sales volumes, the firm's president director Sukrisno said on Thursday.
Bukit Asam reported revenue of 7.216 trillion rupiah ($698 million) in 2008, up from 4.12 trillion rupiah in 2007. In the first three months of this year, the firm booked revenue of 2.33 trillion rupiah.
The company has said it aims to boost sales by 13 percent to 14.5 million tonnes in 2009.
"Coal prices fell from a record high, but prices early this year were much better than the same period in 2008," Sukrisno told reporters.
"Sales volume will also increase which would help revenue to grow by 20 percent in 2009," he said.
Coal prices have fallen from a record peak of $201 a tonne hit in July last year.
Thermal coal prices at the globalCOAL Newcastle weekly index stood at $66.31 a tonne late on Wednesday.
The company will also increase its coal transportation by train to 11.6 million tonnes this year, from 10.3 million tonnes by adding more trains, Sukrisno said, adding that this would help to increase sales.
The company -- Indonesia's second-largest listed coal miner by market value -- has said it planned to increase coal production to 50 million tonnes a year within five to six years thanks to several projects including railway expansion and coal mine acquisitions.
It has already said it would form a joint venture with state train operator PT Kereta Api Indonesia to upgrade existing rail links from its coal mines to a port on the southern tip of Sumatra. The South Sumatra provincial governor also plans a new rail project estimated to be worth $1 billion.
Once the new provincial rail link is completed, Bukit Asam will be able to deliver 20 million tonnes of coal a year to a port on the southeast side of Sumatra.
South Sumatra, where Bukit Asam's coal mines are located, has 47 billion tonnes of coal reserves, or half of Indonesia's total of 93.4 billion tonnes, data from the energy and mines ministry shows.
But the province's coal production averages just 12 million tonnes a year due to poor transportation. Kalimantan island accounts for most of the coal produced in Indonesia.
Source: Reuters
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