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, 14 August 12
UNCERTAIN FUTURE FOR DRY BULK PANAMAX SHIPS - DREWRY / HELLENIC SHIPPING
The dry bulk shipping market is in a poor state, with the Capesize segment the worst of all. Unfortunately, the latest analysis from Drewry Maritime ...
Monday, 13 August 12
5TH VIETNAM PORTS AND LOGISTICS 2012
Press Release - Co-hosted by VINAMARINE, the 5th Vietnam Ports and Logistics2012 will feature dedicated sessions on port and transport infrastructur ...
Monday, 13 August 12
ACTIVE DRY BULK FLEET INCREASES BY 8% SO FAR IN 2012 IN TERMS OF TONNAGE CAPACITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s no wonder that the dry bulk market has been tethering since the start of the year. the overflow of tonnage has been so enormous, that eve ...
Sunday, 12 August 12
COAL FREIGHT RATES FALL FLAT TO SOFT ON OVERSUPPLY, WEAK DEMAND - VISTAAR SINGAPROE
COALspot.com - The BDI continued its fall 10th August.
This week all segments were down including BDI down by 9.15 pct closing at 774 points .The ...
Saturday, 11 August 12
INDONESIAN COAL REFERENCE PRICE HAS LOST 27.78 PERCENT YOY
COALspot.com - Indonesian HBA fell again in August.
The monthly coal reference price for coal sales this month fell 3.32 percent. HBA fell ...
|
|
|
Showing 4616 to 4620 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
|
| |
| |
|
