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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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Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
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- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
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