May 11, 2010

Indo Tambang vs Adaro Energy

PT Indo Tambangraya Megah Tbk (ITMG), subsidiary of Thai Banpu Plc, reports a 37.67% plunge in net profit during the first three months this year on soaring COGS and operating expenses.
Indo Tambang booked US$67.17 million in net profit in Q1 2010 from a year before of US$107.76 million. Adding to that, operating profit also slumped 18.09% from US$113.94 million in Q1 2009 to US$93.33 million as of March 2010.
The company's net sales rose 17.45% from US$346.97 million in Q1 2009 to US$407.51 million. But, cost of goods sold ballooned 33.12% from US$205.32 million to US$273.32 million in Q1 2010, while operating expenses jumped 47.40% from US$27.72 million in Q1 2009 to US$40.86 million.
In line with a drop in operating profit, ITMG's operating margin also shrank from 32.84% in Q1 2009 to 22.90% in Q1 2010.
Bottom line of Indonesia's second largest coal mining company PT Adaro Energy Tbk (ADRO) is better than Indo Tambang's net profit.
Adaro suffered a drop in net income by 24.8% during the first three months this year as a result of soaring interest expense which doubled to US$28 million, stipulated by accrued interest of Adaro's senior notes.
ADRO posted Rp861 billion in Q1 2010's net income from a year before of Rp1.14 trillion. 
Adaro's net revenue slightly fell 3.91% from Rp6.53 trillion in Q1 2009 to Rp6.28 trillion in Q1 2010. The company's operating profit tumbled 15.9% from Rp2.45 trillion in Q1 2009 to Rp2.06 trillion in Q1 2010, putting operating margin down 4.7% from 37.4% to 32.8% in Q1 2010.
In term of profitability, Adaro's operating margin remains higher than Indo Tambang, down to 22.90%, reflecting a soaring cost.
Indo Tambang's interest expense also ballooned 153.61% from US$97 million in Q1 2009 to US$246 million.  

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