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.
|
|
Saturday, 18 August 12
BULK FREIGHT MARKETS CONTINUED THEIR DECLINE IN LINE WITH WEAK DEMAND - VISTAAR
COALspot.com - This week also the indices fell on all segments with BDI touching lowest in almost 3 years.
The BDI closed at 714 points down by 7 ...
Thursday, 16 August 12
PUBLIC PRIVATE PARTNERSHIPS CONFERENCE 2012
Press Release - Asia’s Premier Public Private Partnerships Conference 2012 will showcase commercial opportunities for investors and developers ...
Wednesday, 15 August 12
UT GENERATED RP 3.09 TRILLION NET INCOME
COALspot.com - As of June 2012 Indonesia’s heavy equipment market grew 14%, from 8,448 units to 9,618 units (based on UT’s internal mark ...
Tuesday, 14 August 12
SAKARI ENTERED INTO JV IN CAMBODIA TO EXPLORE COAL OPPORTUNITIES
COALspot.com - Sakari joints hands with The Royal Group of Companies in Cambodia to explore and develop coal opportunities throughout the country.
...
Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
|
|
|
Showing 4611 to 4615 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Planning Commission, India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
|
| |
| |
|
