Nov 19, 2010

Bayan Resources 9M profit jumps 171%

One of Indonesia's coal miner PT Bayan Resources Tbk (BYAN) posted a 171.21% jump in net profit to Rp488.64 billion for the first 9 months ended September 2010 as higher revenue.
In the financial statement submitted to Indonesia Stock Exchange (IDX), Bayan booked Rp178.20 billion in 9 months 2009.
Revenue slightly increased 5.47% to Rp6.17 trillion from Rp5.85 trillion. Gross profit rose 39.67% to Rp1.38 trillion from Rp986.99 billion.
Bayan's operating profit skyrocketed 124.57% to Rp862.20 billion from Rp383.93 billion. Bayan's EBITDA surged 85% to US$111.1 million from US$60.1 million.
Based quarterly report, Bayan posted a 24% increase in revenue to US$258.7 million in the third quarter from the previous quarter of US$208.8 million. Average selling price (ASP) in the thrid quarter slightly rise to US$79.9 per ton from US$71.1 million.
Coal sales volume slightly increased to 3.2 million tons from the previous quarter of 2.9 million tons.
Coal production reached 3 million tons, a slight increase from 2.9 million tons.
Disclosure: No position at the stock mentioned above.  

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