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Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
 PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the period Jan-Jun 2012, based on a limited audit review.
According to company’s announcement, Bumi books $322.1 million net loss compared with a net income of $231.7 million in the same period last year. This is in spite of a sales revenue increase by 8.6 percent to $1,946.4 million in H1’12 vs $1,792.4 million in H1’11.
Sales volume of BUMI increased by 10.4 percent to 32.3 million tons vs 29.3 million tons in H1’11. The figures exclude 30 percent of coal sales attributable to Tata Power as per the new accounting policy adopted wef 1 Jan’11, the announcement said.
The sales volume constitutes 99.4 percent of 32.5 m tons of coal mined in H1’12 compared with 98 percent of coal mined of 29.9 m tons in the same period last year.
The announcement further said that, the higher throughput ratio this year implies that sales growth exceeded H1’11 growth in production and we consider this crucial to achieve higher efficiency and lower inventory. It also underscores the company’s ability to meet market demand at the right time, with the appropriate mix and at a price above market average.
The average selling price of BUMI realized in H1’12 is $88.45/ton. This price is 3.2 percent lower than the average price of $91.26/ton realized in H1’11 but still higher than the level expected by the market and significantly above the price we realized of $71.0/ton in 2010, $63.1 in 2009, $73.3 in 2008 and $44.0 in 2007.
Gross margin declined because we fully amortized stripping expenses based on the H1’12 stripping ratio of 11. Company said in its announcement. We expect the strip ratio to fall to level of ca 10 by this year end. This would enable us improve margins significantly in the second half of this year.
BUMI’s production cash costs rose by 9.2 percent to $48.7/ton compared with $44.6/ton in H1’11. According to company, production cash costs rose mainly due to increase in fuel, maintenance and equipment leasing.
In the meantime, the operating expenses of company increased by 48 percent to $314.9 million compared with $188.0 million in H1’11 mainly due to full amortization of project development expenditure in line with the additional accounting standard (PSAK 16) implemented from 1 Jan’2012, the report said.
The announcement further said that, there is also an increase in 3rd party outsourcing expenses. To partially offset the price decline, Bumi was able to reduce selling expenses by 6.2 percent to $131.4 million in the first half of 2012 compared with $139.6 million in H1’11. This was possible mainly due to a reduction in Glencore’s commission to 2.5 percent (from 4 percent) on Arutmin sales through them wef Oct’11. Consequentially, the operating income declined by 48.2 percent to $239.2 million compared with $461.4 million in H1’11.
According to company, a pre-tax loss of $269.3 million was, however, recorded because of the following key factors:-
1) Equity in Net Income from NNT sharply declined due to lower copper and gold outputs in relation to the on-going phase 6 development in the Batu Hijau mine site.
2) A forex loss of $50.3 million was booked (compared with a forex gain of $80.9 million in H1’11 or a negative swing of $131.2 million) arising mainly from the quarterly revaluation of VAT refundable from the Government of Indonesia due to the weakening Rupiah.
3) Earlier recorded derivative gains of $212.3 million in H1’11 reversed into a loss of $145.8 million in H1’12, a negative swing of $358.1 million.
Company’s target over the next 2 years
Deleveraging, to a debt to EBITDA level of ca 1x over the next 2 years
Settle CIC's tranche 2 ($600 million) and tranche 3 ($700 million) at the earliest
Crossing 100 million tons per annum coal production in 2014 leading to significant rise in EBITDA reinforcing the deleveraging process
Monetising additional assets to strengthen cash flow and accelerate their development and accelerate developing process
Reducing interest charges on existing loans expeditiously
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Friday, 16 November 12
SHIP OWNERS KEEP ON INVESTING IN SECOND HAND VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Priced attractively, modern and with prompt delivery dates, second hand vessels are proving to be rather popular among cash-rich ship owners these d ...
Friday, 16 November 12
HANDY : IRON ORE WAS QUIET AND RATES FROM INDIA TO CHINA AROUND USD 5500
Handy
The Atlantic was weak with more supply of ships. Rates from Continent/ Feast at USD 9000 and from USG/China at USD 15k. The Pacific market re ...
Wednesday, 14 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 11.14 PERCENT MORE COAL W-W
COALspot.com - Newcastle port in Australia has loaded 3,100,686 MT of thermal and coking coal for week ended – 0700 hours 12 November 2012, Ne ...
Tuesday, 13 November 12
INITIAL COAL PRODUCTION AT KATINGAN RIA ON TRACK FOR 2013 FOLLOWING GRANTING OF 'IN PRINCIPLE' FORESTRY PERMIT, INDONESIA
Realm Resources Ltd (“Realm” or the “Company” - ASX: RRP) has announced that its application to upgrade its exploration fore ...
Tuesday, 13 November 12
BULK PORTS & TECHNOLOGY ASIA 2013
Press Release - TOC Events are pleased to announce a new addition to our global portfolio with the launch of the inaugural Bulk Ports & Technolo ...
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- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
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- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
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