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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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Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- SMC Global Power, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Australian Coal Association
- Commonwealth Bank - Australia
- Planning Commission, India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
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