We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 26 October 12
DRY BULK MARKET FALLS ON WORRIES THAT RECENT RALLY WILL BE SHORTLIVED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market retreated yesterday as a result of a plunge of the Capesize dry bulk carriers' segment, after their latest rally. As a result, ...
Tuesday, 23 October 12
INDONESIA SETS DMO FOR NEXT YEAR
COALspot.com - The Indonesian government has declared the quantity of coal to be supplied to domestic market in 2013 recently under DMO regulation. ...
Sunday, 21 October 12
BUMA HAS PRODUCED 25.0 MILLION TONS OF COAL YEAR TO DATE
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 33.2 million bcm* (+5.5% YoY) of Overburden in September 2012 totaled while coal produc ...
Saturday, 20 October 12
SUPRAMAX FREIGHT EXPECTED TO BE FLAT - VISTAAR
COALspot.com - The shipping market continued to be quite active with quite lot of cargoes fixed for in the cape and panamax sector.
The BDI was ...
Thursday, 18 October 12
INDO-INDIA, LARGE ECO SUPRA FIXED AT USD 11000 - FEARNLEYS AS
Handy
Atlantic market remains quiet due to lack of cargoes and more supply of ships. Rates from Cont to East Med were around USD 14k and Black Sea ...
|
|
|
Showing 4531 to 4535 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
|
| |
| |
|
