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.
|
|
Tuesday, 16 October 12
DRY BULK FREIGHT RATES COULD IMPROVE ON CHINESE STIMULUS AND WINTER CARGO DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO has given out its forecast for the next six weeks, in terms of freight rates for dry bulk carriers. According to them, Capesize TC Average rat ...
Monday, 15 October 12
IT'S STRICTLY COME CHARTERING - CLARKSON RESEARCH SERVICES
The charter market is a bit of a dance between ship owner and charterer: one leader, one follower; one step, two steps, turn... The dance is symbiot ...
Sunday, 14 October 12
SUB-BIT INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS: SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery lost 0.329 percent w- w but gained 0.248 percent d-d on Friday, 12 Oct ...
Sunday, 14 October 12
SUPRAMAX FREIGHT STEADY: PANAMAX FREIGHTS FIRM - VISTAAR
COALspot.com - The shipping market saw some hectic activity in the Cape and panamax sector and quite a lot of fixtures reported.
The BDI was up b ...
Friday, 12 October 12
HOW REAL IS THE THREAT OF PIRACY? - BIMCO
The threat of modern piracy remains serious, regardless of its seasonal variations and the fact that it is chiefly confined to the Indian Ocean, Gul ...
|
|
|
Showing 4536 to 4540 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
|
| |
| |
|
