1H18’s Performance Review: Buoyant Exports
PTBA enjoyed the growth of 49.4% y-y to IDR2.57 trillion in net profit, thanks to the upbeat sales volume and exports average selling price (ASP). The exports volume surged 51.2% y-y to IDR6.2 million tons vs. IDR4.1 million tons in the 1H17, while the exports ASP beefed up 14.2% y-y. The uptrend of higher global coal price was the potent driver for the rosier ASP. We project that the global coal price likely tops USD85-90/ton until the end of 2018.

Meanwhile, the least heavy rainfall sent the production volume higher by 19.2% y-y. We project that the 2H18’s production volume likely snaps higher by 26.9% to 14.2 million tons vs. 11.2 million tons in the 1H18.

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