Indonesia's largest thermal coal producer PT Bumi Resources Tbk (BUMI) recorded unmatched COGS to PT Darma Henwa Tbk (DEWA), subsidiary, in its 2009's financial report.
In Bumi's 2009 financial report, Bumi recorded US$455.62 million to Darma Henwa, while Darma Henwa booked US$156.57 million from PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, which are controlled by Bumi. Darma Henwa is coal mining contractor and owned by Bumi Resources.
"If you closely watch the number, there is variance of US$299.05 million. It should be matching numbers," a source told Insider Stories two days ago.
In fact, Bumi and Darma Henwa's 2009 financial reports had been audited by the same auditor Tjiendradjaja and Handoko-Mazars.
In 2008, there was also unmatched numbers between COGS booked by Bumi and revenue obtained by Darma Henwa. But the variance was merely US$65,48 million.
Bumi recorded COGS worth UD%236.46 million in 2008 to Darma Henwa, while Darma Henwa obtained US$170.98 million revenue from KPC and Arutmin. By the end of 2009, Darma Henwa recorded US$201.47 million of revenue and US$220.11 million in 2008. Bumi's Director Dileep Srivastava, in a electronic mail today, said Bumi recorded US$1.24 billion of COGS last year. "Apparently there is problem in spread sheet, resulting wrong entrances," he said.
Bumi should post US$141.27 million of COGS for Darma Henwa. Around US$314.35 million of COGS spent for Darma Henwa in Arutmin works should be recorded for another mining contractor Theiss.Bumi should spend US$544.41 million of COGS for Theiss both in KPC and Arutmin projects. Bumi stocks today fell 3.70% to Rp1,820 per share, following two days drop.
Disclosure: No position at the stock mentioned above.
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