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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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Thursday, 01 November 12
SOUTH KOREAN POWER UTILITY EWP TO PURCHASE 670,000 MT OF COAL FOR JAN - FEB 2013 DELIVERY
COALspot.com: Korea East-West Power Co. Ltd. on behalf of Korea South-East Power Co. Ltd., Korea Southern Power Co. Ltd., Korea Midland Power Co. Lt ...
Thursday, 01 November 12
KOMIPO LOOKING FOR 440,000 MT OF 4600 KCAL/KG NAR COAL FOR BORYEONG POWER PLANT
COALspot.com - Korea Midland Power Co. Ltd.(KOMIPO) is inviting bids from coal producers, marketing companies or traders to supply of 440,000 Metric ...
Thursday, 01 November 12
CAPESIZE RATES FALL, DRY BULK MARKET RETREATS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It was another lackluster session yesterday in the dry bulk markets, with the industry's benchmark, the BDI (Baltic Dry Index) retreating by 1.63 p ...
Thursday, 01 November 12
HANDY : WCI-CHINA RATES ARE AT AROUND USD 5,000 AND ECI-CHINA AROUND USD 4000 - FEARNLEYS AS
Handy
The Atlantic market remains quiet due to a lack of cargoes and an increased supply of ships. Rates from the Continent to east Med were around ...
Tuesday, 30 October 12
COAL PRODUCTION TO RISE BY FIVE PERCENT IN 2013 - TEMPO INTERACTIVE
TEMPO Interactive reported that, Indonesian Coal Mining Association (APBI) chairman Bob Kamandanu has estimated that Indonesian coal production will ...
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- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
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