Jakarta - PT Bukit Asam Tbk (PTBA) posted a jump in net profit for the January-September 2022 period of around 110% to Rp10 trillion from the same period last year of only Rp4.8 trillion.

"The achievement of net profit was supported by revenues of IDR 31.1 trillion, up 60% from IDR 19,381 trillion," said PTBA Corporate Secretary Appolonius Andwie in a press release on Friday (10/28).

He assessed that the increase in PTBA's performance would increase global and national economic recovery, which increased demand for coal and a significant increase in coal prices.

Based on data from the Ministry of Energy and Mineral Resources (ESDM), the Reference Coal Price (HBA) increased by around 101% from US$158.50 per tonne in January 2022 to US$319.22 per tonne in September 2022.

He continued PTBA's total coal production until the third quarter of this year, reaching 27.7 million tons, an increase of 21% from 22.9 million tons. Coal sale