REPUBLIKA.CO.ID, JAKARTA - Profitability of most coal shares slide as coal price fluctuated in second half 2012. Based on data from Directorate General of Mineral and Coal Ministry of Energy, coal prices descended in November 2012 at 81.44 USD per tons compared with 87.55 USD per tons in January 2012.
Three biggest national coal companies were facing the similar fate. Revenue of PT Adaro Energy declined by 6.6 percent in first quarter of 2013 by 6.6 percent. Company's operating revenues earned only 3.72 billion USD and profit fell 30 percent to 385.35 million USD.
President Director of Adaro Energy, Garibaldi Tohir said that the decline due to the descending coal price and declining sales volume.
"The market has not been conducive yet," he said on Wednesday.
The state owned company, PT Bukit Asam, also recorded lower profit from 867.34 billion IDR last year to 493.18 billion IDR this year. Corporate Secretary of Bukit Asam, Joko Pramono said that the price Bukit Asam 15,000 IDR per share or fell 0.99 percent.
Profit of PT Toba Bara Sejahtera decreased 37.9 percent as in first quater of 2013 recorded at 3.21 million USD. The company's sales fell 2.68 percent now 94.94 million USD.
Analyst of Trust Securites, Reza Priyambada thinks the current global economic condition can improve the price as long as coal companies do not set their expectation too high. "The economic conditions possibly can support the increase, but the companies should be also realistic," he said.
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