"During the first quarter of this year, the capital expenditure reached 20 percent."Jakarta (ANTARA News) - Publicly listed coal firm PT Bukit Asam (PTBA) is exploring a mining site to be acquired in Kalimantan and undertaking a feasibility study for that purpose, its director said.
PTBA President Director Milawarma told reporters here on Thursday that his company`s plan to acquire the mining field was now being considered by the management of the company.
He said PTBA had enough funds to buy the mining field.
"We always set aside funds for acquisition purposes," Milawarma added.
He noted that up to December 2011, the company`s internal cash funds amounted to Rp6.7 trillion, and from that, Rp1.4 trillion would be allocated for capital expenditure this year.
"During the first quarter of this year, the capital expenditure reached 20 percent. The remainder of the cash funds is likely to be used for the acquisition," Milawarma said.
He explained that PTBA would undertake the acquisition soon if the mining field had the potential to contribute to the company.
PTBA Corporate Secretary Hananto Budi Laksono said the firm posted a net profit of Rp867.35 billion in the first quarter of 2012, compared with Rp760.33 billion in the previous year.
The rise in profit was because of a 31 percent increase in the company`s revenues to Rp3 trillion, from Rp2.32 trillion in the corresponding period a year earlier.
The sales volume of PTBA's coal in the first quarter of this year rose by 26 percent to 3.86 million tons, compared with 3 million tons during the same period last year.
"The average sales price rose 4 percent to Rp781.142 per ton, compared with the Rp751.457 per ton in the same period in 2011," Hananto said.
"The company's coal production increased 12 percent to 3.37 million tons in the first quarter of 2012, from 3.1 million tons in the corresponding period of previous year," he added.
(Uu.A014/INE/KR-BSR)
Editor: Priyambodo RH
Copyright © ANTARA 2012
