Apr 3, 2011

Berau Energy FY10 net income drops

Indonesia's fifth largest coal miner PT Berau Coal Energy Tbk (BRAU) reported a 27.39% drop in net income last year on the back of higher interest expenses and finance charges.
In a financial statement submitted to Indonesia Stock Exchange (IDX) recently, Berau Energy, parent company of PT Berau Coal, posted Rp619.83 billion net income last year from Rp853.71 billion in the previous year.
Interest expenses and finance charges surged 124.58% to Rp781.52 billion from Rp348 billion.
As of December 2010, Berau Energy was charged interest of senior notes worth Rp269.52 billion, amortization of deferred financing charges of Rp138.04 billion, senior secured credit facility and credit facility of Rp106.12 billion and Rp93.22 billion respectively.
At the operational line, Berau booked Rp2.82 trillion income from operations, a 6.93% decrease from Rp3.03 trillion.
Gross profit also slightly decreased 1.18% to Rp3.35 trillion from Rp3.39 trillion as cost of goods sold surged 26.63% to Rp6.23 trillion from Rp4.92 trillion. Sales rose 15.26% to Rp9.59 trillion from Rp8.32 trillion.   

Disclosure: No position at the stock mentioned above.

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