Falling Coal Prices Paint Bleak Prospects for Miners

Of five major coal miners in Indonesia, four saw a drop in profits in Q1 due to falling coal prices.

Bisnis.com, JAKARTA — The coal industry is feeling the pinch as coal prices drop in Q1 and the potential for prices to rebound in the near future remains unlikely.

PT Indika Energy Tbk. (INDY) took the biggest hit as of Sunday (4/5), losing 85.59% of its net profit from $20.11 million in Q1 2024 to $2.89 million. Revenue also went down from $567.3 million to $489.5 million (13.7% year-on-year).

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