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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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Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
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