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.
|
|
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
|
|
|
Showing 46 to 50 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Central Electricity Authority - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Australian Coal Association
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Ministry of Transport, Egypt
|
| |
| |
|
