Golden Energy Mines Tbk (GEMS), a coal mining company affiliated with Sinar Mas Group, has booked a net profit of USD 53.46 million, surging 14 times from USD 3.38 million in the same period last year. This was supported by increasing sales of the company by 53.34 percent to USD 279.88 million.
In the consolidated financial statement as of June 2017, export sales contributed USD 172.31 million or 61.65 percent of total sales, growing by 146 percent from USD 70 million in the first half of 2016. Domestic sales contributed USD 107.57 million or 38.44 percent to total sales, declining by 4.39 percent over the same period
last year. The main export destinations are China, India and South Korea.
The company is targeting coal sales volume to reach 15 million tons, a 37 percent increase compared to the previous year. The average coal price is expected to reach USD 35 to USD 49 per ton.
In the first trading session on Friday (11/8), GEMS rose by 1.9 percent to IDR 2,650. (*)