Apr 28, 2011

Borneo 1Q net income jumps 4,027%

Indonesia's coking coal miner PT Borneo Lumbung Energi Tbk (BORN) today reported a 4,027.03% jump in net income at end of March this year as a result of operating revenue increase.
Borneo posted Rp425.91 billion net income or Rp24 per share in 1Q 2011 from Rp10.32 billion or Rp8 per share in 1Q 2010, said Borneo in a financial statement filed to Indonesia Stock Exchange today. 
Operating profit rose 204.16% to Rp533.91 billion from Rp175.45 billion. The company's gross profit surged 171.62% to Rp691.39 billion from Rp254.54 billion.
Operating revenue soared 123.77% to Rp1.20 trillion from Rp537.29 billion. Borneo obtained operating revenue from coal sales to stellar global commodities agency Glencore International AG.
The largest contributor for cost of goods revenue was overburden and coal processing of Rp304.37 billion and royalty of Rp149.51 billion.
PT Republik Energi & Metal controls 75% shareholding in Borneo Energi, PT Muara Kencana Abadi owns 0.0001%, and public shareholders hold 24.99%.
Republik Energi is owned by Indonesian businessmen Samin Tan and Suryadinata Sumantri, former partner at accounting giant Deloitte Touche Tohmatsu (DTT).

Disclosure: No position at the stock mentioned above.  

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