Sep 6, 2010

Erry Firmansyah resigns from DOID

JAKARTA: Former President Director of Indonesia Stock Exchange (IDX) Erry Firmansyah has finally resigned from his position of Independent President Commissioner at PT Delta Dunia Makmur Tbk (DOID), parent company of coal contractor PT Bukit Makmur Mandiri Utama (BUMA).
In a public announcement submitted to IDX today, Delta Dunia's management has obtained resignation letter from Erry Firmansyah.
Following his resignation, Delta Dunia's board of commissioner is consisting of Patrick Walujo as Vice President Commissioner, two Independent Commissioners Nurdin Zainal and Siswanto, and two Commissioners Benny Wirawansa and Ilda Harmyn. Two new strategic hires have also joined board of director at BUMA.
In a company update published recently by Delta Dunia, the new hires are Joseph Hurst, Director of Plant and Maintenance, and Darmadi Lee, Director of Strategic Management and Information Systems.
"With the addition of Joe and Darmadi, BUMA BoD enlarges from three to five people," said the announcement.
Joseph Hurst has more than 24 years of experience in mining and heavy equipment with various companies in Australia and Indonesia, including Leighton Contractors Indonesia, Thiess Contractors (Australia and Indonesia) and Roche Bros. & Roche Mining (Australia).
Prior to joining Bukit Makmur, he was the Plant Manager at Leighton Contractor Indonesia.
His primary responsibility at BUMA is to maintain and monitor the mining fleet (existing and new) to maximize equipment availability at an optimum cost.
In the first half of this year, Bukit Makmur suffered a 41.5% drop (in term of IDR terms) in the first half's net profit.
The bottom line's drop was due to lower foreign exchange gains and higher interest cost in the first half of this year (1H 2010). But, in US$ terms, BUMA's net profit decreased by 30% year on year (YoY).
Bukit Makmur posted IDR256 billion net profit in 1H 2010 from a year earlier of IDR438 billion. Net margin also fell to 10.5% YoY from 17.3%
Net revenue (excluding fuel costs) declined by 3% YoY to IDR2.45 trillion from IDR2.53 trillion, largely due to the strengthening of the rupiah.
In US$ terms, however, BUMA's net revenue grew by 16% YoY to US$267 million, despite of relatively flat production growth, on the back of longer hauling distance (14% YoY) and contract re-pricing in 2010.
Bukit Makmur's operating profit abated 9.3% to IDR512 billion (YoY) from IDR564 billion. In return, the company's operating margin fell to 20.9% YoY from 22.3%.

Disclosure: No position at the stock mentioned above. 

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