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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, 09 November 12
SHIP OWNERS TURN TO SECOND HAND VESSELS, WHICH COME AT ATTRACTIVE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The attractiveness of modern second hand vessels, which are often priced aggressively can't be ignored by cash-rich ship owners, who are taking adv ...
Thursday, 08 November 12
LARGE ECO SUPRA : INDO - INDIA NOW FIXED AT USD 11K FOR DELIVERY SINGAPORE - FEARNLEYS
Handy
The Atlantic market continues to remain weak with rates further softening on FH. Rates from USG to Feast were around USD 14k and Black Sea to ...
Thursday, 08 November 12
DRY BULK MARKET RETREATS AGAIN ON HIGHER SHIP SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In further evidence of a latest round of dry bulk shipping misery, the industry's benchmark fell for the 11th straight session yesterday, as the in ...
Thursday, 08 November 12
JOIN CHINA STEAM COAL SUPPLY - DEMAND FORUM
Join China Steam Coal Supply-Demand Forum & Visit Shenhua Yudean Zhuhai Port Coal Terminal
Press Release - Organized by CBI BIZ and suppo ...
Wednesday, 07 November 12
NEWBUILDING ORDERING ACTIVITY ON A STEADY PACE PRIOR TO THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders, which to many involved in the shipping industry, are the main reason of today's low freight rates and subsequent financial prob ...
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- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Electricity Authority, New Zealand
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