Indonesia’s state-owned coal miner PT Bukit Asam saw its net profit soar 66.6 per cent in the first quarter owing to an increase in its coal sales amid an upward trend in global prices.

Bukit Asam sold 6.29 million tonnes of coal within the first three months of 2018, up 15.9 per cent year-on-year. At the same time, its coal selling price averaged at 892,243 rupiah (US$64.69) per ton, up 9.73 per cent annually.

As a result, the company’s revenue climbed 26.4 per cent to 5.74 trillion rupiah, leading to a 66.6 per cent increase in its net profit to 1.45 trillion rupiah.

“This positive result was driven by an increase in our revenue from coal exports, while revenue from domestic coal sales was relatively similar compared to the previous corresponding period,” Bukit Asam said in a statement on Thursday.

Coal exports accounted for 55 per cent of Bukit Asam’s total revenue, while the other 43 per cent came from its domestic coal sales and about 2 per cent was generated from other business activities, such as electricity and crude palm oil sales as well as hospital services.

Bukit Asam has set a target to produce 25.54 million tonnes and sell 25.88 million tonnes of coal throughout 2018, up 5.3 per cent and 9.5 per cent, respectively. The company has allocated 6.55 trillion rupiah in investment spending this year. – The Jakarta Post

Top Glove proposes one-for-one bonus issue

Malyasia’s Top Glove Corp Bhd has proposed a one-for-one bonus issue at a yet-to-be determined entitlement date, which will see up to 1.28 billion bonus shares issued to shareholders of the company.

“We have always been committed to adding and creating value for our shareholders, and the proposed one-for-one bonus issue will enable us to reward our loyal shareholders.

“This will also enable us to increase the number of shares in issue, which is expected to create more liquidity and marketability for Top Glove shares”, said Tan Sri Dr Lim Wee Chai, executive chairman of Top Glove. – The Star