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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, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
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- SMG Consultants - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
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