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Tuesday, 23 August 11
COAL DEMAND IS REMAINED STRONG IN SPITE OF CURRENT GLOBAL ECONOMIC UNCERTAINTY - BUMI


COALspot.com - Indonesia's largest coal producer, PT Bumi Resources, Tbk (BUMI)'s sales revenue has increased to US$1.79 billion (compared with US$1.44 billion yoy), a 42 percent increase in operating income to US$549 million (from US$386 million yoy) and a 9 percent increase in net income to US$ 274 million in the same period last year, according to the press release of the company.

The statement further said that, the first half 2011 net income of US$274 million for 2011 beats analysts consensus reported by Bloomberg and after adjustment to the new Indo GAAP Standards. This augurs very well for FY 2011 as market conditions continue to be robust for coal.

A highest ever realized fob price of US$91/ton (vs US$67/ton last year) was recorded by the company - this has resulted in an exponential increase of ca 50% increase in cash margin (price less production cash cost) which has overcompensated for the rise in input costs, opening out new mines and impact of rain.

"Consistent with our published Q1’11 results in June’11, the improved financial performance of the company proves our seriousness and capability in meeting the international best practices in accounting, governance and operation in line with our new significant shareholder, Bumi, Plc," said BUMI Director for Investor Relations Dileep Srivastava.  

Higher global coal price and demand as well as derivative gains have played a major role in boosting BUMI's first half performance.  "Coal demand has remained strong in spite of current global economic uncertainty. The company took various derivative instruments when it leveraged to acquire non coal assets in 2009 - these are now showing gains below the operating income line," added Dileep.  Dileep also stated that BUMI remains focused on deleveraging the company's balance sheet including divesting BRMS in the 4thQuarter of this year.

"Our focus remains unchanged including divesting non coal assets and deleveraging our balance sheet as announced last year. And we are on the right track," Dileep said. 



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