Jan 26, 2011

Delta Dunia FY10 coal output rises 7.34%

Indonesia's second biggest coal contractor PT Delta Dunia Makmur Tbk (DOID) enabled to post a 7.34% and 5.08% growths both in coal production and overburden removal last year compared to the previous year.
As announced by Delta Dunia yesterday, the company, which was indirectly acquired by Texas Pacific Group, Government of Singapore Investment Corporation (GIC), and Chinese sovereign wealth fund China Investment Corporation (CIC), booked 35.1 million tons of coal production in 2010 from 32.7 million tons in 2009.   
Overburden removal slightly increased 5.08% to 291.9 million bank cubic meter (bcm) last year from 277.8 million bcm in the previous year.
In December last year, Delta Dunia, parent company of PT Bukit Makmur Mandiri Utama, made 3.2 million tons of coal production, unchanged from November's production.
However, overburden removal in December last year made a slight increase to 27.3 million bcm from 26.5 million bcm in November last year.
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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