Bukit Asam H1, below target

State-owned coal producer PT Tambang Batubara Bukit Asam (PTBA) Tbk reported lower sales than its projection in the first half 2009 on weak demand. 

Bisnis Indonesia reported today that while the company recorded higher sales than the same period last year, it is below the projected 10%-15% growth. But the company was optimistic it could reach its whole year target. Bukit Asam reportedly sold 5.85 million tons of coal in H1 2009, of which 63% to domestic and 37% to export markets.

Bukit Asam planned to boost its sales to 15.5 million tons this year, increased 19% from last year's 13 million tons. The company and Rajawali Corp are partners in PT International Prima Coal (IPC). Bukit Asam spent US$17.85 million to acquire IPC shares last year.

According to the newspaper, Bukit Asam also plans to acquire greenfield coal mines this year, reportedly bigger than IPC.

Bukit Asam stock price surged from Rp4150 in October 2008 to Rp13,600 in June 10, 2009. Since then the stock retreated to as low as Rp10300 late last month, but recovered to close at Rp11400 last Friday.

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