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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, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Australian Coal Association
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
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