Indonesia‘s mining giant PT Bukit Asam Tbk (PTBA) has requested the government to promptly implement the formation of a Mitra Instansi Pengelola or MIP (Agency Management Partner) in the wake of falling coal prices.
The company expressed its hope that the establishment of MIP would positively impact the financial performance of PTBA.
PTBA reported a decline in performance. Their net profit in the third quarter of 2023 dropped to IDR 3.8 trillion ($238.31 million), down 62% compared to the same period in the previous year.
In terms of revenue, PTBA recorded IDR 27.7 trillion, which represents a decrease of 12.16% compared to the same period in the previous year, which amounted to IDR 31.07 trillion. As of September 30, 2023, the company’s total assets were valued at IDR 36.0 trillion.
Corporate Secretary of Bukit Asam, Niko Chandra, conveyed these concerns, highlighting the challenging market conditions and expressing the company’s anticipation that the formation of MIP would provide substantial support to PTBA‘s financial performance.
