1Q18 Performance Overview
PTBA posted the 1Q17 sales of IDR5.7 trillion picking up 26.4% y-y backed by the surge of 61.6% y-y into IDR3.1 trillion in the 1Q18 export sales Vs. the 1Q17 export sales of IDR1.9 trillion. The domestic ASP inclined by 7.5% y-y and 6.6% y-y respectively. Meanwhile, the slight incline of 10.9% y-y in COGS resulted in the hike of 44.9% in 1Q18 gross margin Vs. the 1Q17 gross margin of 37.2% and the soaring surge of 66.6% y-y in the 1Q18 net profit into IDR1.4 trillion.

Expectancy of Higher Export Volume
PTBA posted the slide of 8.5% y-y into 2.9 million ton in the domestic sales volume and the upswing of 49.0% y-y into 3.4 million tons in the export sales volume. Of note, it targets the overall 2018 sales volume of 25.88 million tons whose 53% of the sales volume targets the domestic markets, while the remaining targets the export markets. Based on the composition scheme, the export volume is estimated to reach 12.2 million tons picking up 39.5% compared to the 2017 export volume. We oversee that the upswing in the export volume is likely a new source cushioning the impact of DMO scheme.


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