Jul 23, 2010

Bukit Asam 1H net profit drops 43%

State-owned coal mining player PT Tambang Batubara Bukit Asam Tbk (PTBA) reports a 43% drop in net profit in the first half 2010 (1H 2010 on the back of lower weighted average selling price.
Bukit Asam posted Rp908.11 billion of net profit 1H 2010 compared to the same period last year of Rp1.59 trillion.
Operating profit slumped half from Rp2.09 trillion in 1H 2009 to Rp1.05 trillion in 1H 2010, while gross profit tumbled 38% to Rp1.67 trillion in 1H 2010.
Despite sales volume growth by 10%, Bukit Asam's revenue abated 16% from Rp4.05 trillion in 1H 2009 to Rp3.79 trillion in 1H 2010.
The company's coal sales volume slightly rose 10% from Rp5.84 trillion in 1H 2009 to Rp6.44 trillion in 1H 2010.
In the first six months this year, Bukit Asam booked weighted average selling price of coal of Rp601,106 per ton, a 20% drop from a year earlier of Rp751,623 per tons.
In a press release, Bukit Asam has set a target of 15% growth in coal sales volume to 14.5 million tons from last year's position of 12.5 million tons on the back of higher coal transportation from 10.5 million tons to 11 million tons.
Besides transportation factor, Bukit Asam's subsidiary IPC in Kalimantan has started to produce coal in the last quarter last year.

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: