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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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Saturday, 21 July 12
INDONESIAN COMPANIES ABM INVESTAMA AND AVRA ASIA WORK OUT LONG-TERM CONTRACT - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading English news papaer in Indonesia reported that, ABM Investama, a company with diversified interests in coal mi ...
Friday, 20 July 12
INDONESIA-INDIA SUPRAS BEING FIXED AT $ 10K
Handy
After a stable last week, the Handysize market has experienced softening rates in the Atlantic. Ships are ballasting from India into the Atla ...
Friday, 20 July 12
HANDYSIZES PROVE RATHER ATTRACTIVE AMONG OTHER SHIPS, IN TERMS OF FUTURE RETURNS ON INVESTMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Handysize segment of the dry bulk market appears to offer the best incentive among other ship types, for a ship owners to invest in, says Interm ...
Wednesday, 18 July 12
TAIWAN POWER COMPANY TO IMPORT 0.588 MILLION TONS OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 588,000 MT tons of extra low sulfur sub-bituminous coal for Taipower thermal power plant thro ...
Wednesday, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of ...
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- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
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