Jan 20, 2011

Delta Dunia 11M coal output up 6.69%

Among coal related companies, PT Delta Dunia Makmur Tbk (DOID), Indonesia's second largest coal mining contractor, might be the biggest losers in nearly three weeks. Delta Dunia stock has plunged 21.69% to today's closing at Rp1,300 per share from Rp1,660 on January 5.       
Despite a steep drop, Delta Dunia, in an announcement today, posted a slight increase in both coal production volume and overburden removal in November last year (11M 2010) 
In 11M 2010, Delta Dunia posted 31.9 million tons of coal production and 264.6 million bank cubic meter (bcm), a 6.69% and 3.64% growths from 29.9 million tons of coal production and 255.3 million bcm in November last year. 
Delta Dunia is parent company of coal mining contractor PT Bukit Makmur Mandiri Utama, previously owned by Indonesian businessman Johan Lensa.
In the first 9 months of this year, Delta Dunia posted Rp351.93 billion net income, Rp755.96 billion operating profit, and Rp4.19 trillion revenue. The third quarter of 2010 reflected better performance compared to the 2Q result. Delta Dunia's 3Q 2010 revenue at Rp1.49 trillion was higher than Q2 and Q1 revenue which stood at Rp1.42 trillion and Rp1.28 trillion respectively.
In return, income from operations of the company in 3Q 2010 achieved Rp294.1 billion, higher than the previous two quarters of Rp231.82 billion (2Q) and Rp230.04 billion (1Q).
Operating margin in the 3Q showed a slight improvement from 17.09% in 2Q to 18.03%. Net income rose to Rp145.75 billion in 3Q 2010 from Rp55.54 billion in 2Q (the worst for the whole year). But the 3Q net income remained lower than the 1Q result of Rp150.64 billion.

Disclosure: No position at the stock mentioned above.

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