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.
|
|
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
Saturday, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
|
|
|
Showing 4636 to 4640 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
|
| |
| |
|
