Oct 27, 2010

Bukit Asam 9M net profit falls 36.93%

Despite higher coal sales volume, publicly listed coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) suffered a 36.93% drop in net profit as revenue fell.
In an official press statement today, Bukit Asam reported Rp1.4 trillion net profit in the first 9 months this year (9M 2010) from Rp2.23 trillion in 9M 2009.
In line with the plunge at the company's bottom line, operating profit also tumbled 45.94% from Rp2.96 trillion in 9M 2009 to Rp1.6 trillion in 9M 2010. In return, operating margin steeply drop from 45.19% in 9M 2009 to 27.12% in 9M 2010.
Still, Bukit Asam gross margin plummeted 32.11% from Rp3.83 trillion in 9M 2009 to Rp2.6 trillion in 9M 2010, dragging down its gross margin from 58.47% in 9M 2009 to 44.07% in 9M 2010.
Revenue also slashed 9,92% from Rp6.55 trillion to Rp5.9 trillion in 9M 2010 as a result of lower weighted average selling price (WASP) both the domestic market and export market.
Bukit Asam posted 9.78 million tons thermal coal, a 12% increase from 8.73 million tons a year earlier. WASP in the domestic market abated 18% from Rp751,428 per ton to Rp613,214 per ton in 9M 2010, while in the export market, WASP also fell 6% from US$68.98 per ton in 9M 2009 to US$65.44 per ton.

Disclosure: No position at the stock mentioned above.
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