Apr 21, 2011

Delta Dunia 1Q overburden up 23.08%

Indonesia's second largest coal contractor PT Delta Dunia Makmur Tbk (DOID) reported overburden (OB) removal in the first quarter of this year increased 23.08%.
Delta Dunia, parent of wholly owned subsidiary dubbed PT Bukit Makmur Mandiri Utama (BUMA), posted 75.2 million bank cubic meter (bcm) in 1Q2011 from 61.1 million bcm a year earlier.
However, DOID experienced a slight drop in coal production volume 2.5% to 7.8 million tons in 1Q2011 from 8 million tons a year earlier.
"The achievements in 1Q2011 represented 19.3% and 20.8% of our FY11 forecast respectively. This is considerably inline our estimates since historically 1Q operational data account around 20% of full year target due to its seasonality," said Mandiri Sekuritas in a note this morning.
DOID reported OB removal in March increased to 26.3 million bcm (+15.3% yoy, +13.8% mom). Coal production increased to 2.7 million tons (-3.7% yoy, +8.0%mom). Implied strip ratio increased to 9.8x.

Disclosure: No position at the stock mentioned above.

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