Jakarta, CNBC Indonesia – Coal mining company, Golden Eagle Energy Tbk Company (SMMT) targets to increase production capacity to 1.8 million tons of coal in 2018, from the previous one million tons.
“We will focus on increasing our production capacity to 1.8 million tons in 2018, and maximizing the profitability of the company,” said SMMT President Director Roza Permana Putra to the media when found in the company’s performance exposure, Wednesday (27/6/2018) ).
Furthermore, Roza said, the company’s strategy to achieve this is by increasing the utilization of the infrastructure already owned by the company. Thus, in the next three years, the company’s production capacity can reach 3-5 million tons of coal per year.
In terms of performance, mining companies in Sumatra and Kalimantan in the first quarter of 2018, consolidated coal production reached 307 thousand tons, up 54% over the same period last year. Operations in Sumatra accounted for a significant 144% increase in production.
In addition, consolidated sales volume also increased 39% in the first quarter of 2018 compared to the same period last year, to 351 thousand tons, with 44% of which is allocated to the domestic market.
Domestic market contribution in 2018 is expected to reach 43%. Meanwhile, in 2017 and 2016, domestic market contribution is 38% and 28% respectively. This is in line with the growth of power house in Indonesia.
In addition, the increase in coal selling price contributed 111 percent to the company’s revenue in the first quarter of 2011 compared to Rp 31.81 billion from Rp 15.05 billion.
The company also posted a net profit of Rp 17.22 billion in the first quarter of 2018. This number tripled from the first quarter of 2017. Meanwhile, in 2017, the company recorded a net income of Rp 40.08 billion, but used as retained earnings and not share dividends