Coal mining company, PT Garda Tujuh Buana Tbk (GTBO), has been seeking for new customers to increase its revenue until the end of 2017. The management has also maintained expenses and reduced operational costs in line with the target.
Based on its information disclosure during the first semester of 2017, the company has been seeking new domestic and overseas customers such as India, China, Thailand, and Vietnam. The management saw the coal price increase as an opporunity to boost revenue and demand by Asian customers.
Early this year, the company has signed a contract with Alata Overseas Pte Ltd, Singapore for one year. Alata bought around 2 million metric tons of coal and had put up a deposit worth US$ 1 million. Garda Tujuh Buana considered the deposit as a strong commitement betwen producer and consumer.
Within the domestic market, the company was able to sell around 50,000 metric tons.
The company’s revenue until the end of 2017 has been estimated at US$ 2.48 milion, which the management was optimistic of collecting after they start operating in February 2017.
Based on information disclosure to IDX, the management targeted export sales at US$ 200,000 per metric ton and domestic market at US$ 20,000 per metric ton.
Until the end of 2017, the company has signed contracts with China, India, and Thailand. Since March 2017, Garda Tujuh Buana has sent 12 coal shipments. In June 2017, coal production reached 325,008 metric tons, with sales volume recorded at US$ 329,157, and sales revenue at US$ 3.28 million.
Despite the restart of production and sales, Garda Tujuh Buana’s loss for the year reached US$ 729,778.
Source: / IDNFinancials.com