May 4, 2011

Berau profit up, margin falls below 10%

PT Berau Coal Energy, the country's fifth largest coal miner, reported a 24.76% increase in net profit for the period of March 2011 on sales growth of 53.42%.
Berau Energy, which owns 90% shareholding in operating unit PT Berau Coal, recorded US$29.58 million net profit or US$0.0008 earning per share in 1Q 2011 from US$23.71 million profit or US$0.0025 earning per share.
However, the increase reflected a fall in net margin below 10% to 8,75% as the company was burdened by financial charges of US$24.99 million, widened 71.28% from US$14.59 million. Berau Energy's operating profit surged 154.17% to US$113.69 million from US$44.73 million. Gross profit soared 116.92% to US$133.19 million from US$61.40 million as well.
Sales increased 53.42% to US$338.24 million from US$220.47 million. PT Indonesia Power, subsidiary of the state-controlled electricity company PT PLN, was the biggest contributor for Berau Energy's consolidated sales with US$64.47 million, counting 19% of the total.
Taiwan Power Company contributed US$37.73 million sales to Berau Energy, reflecting 11% of the total and Bhatia International Pte Ltd with US$37.37 million or 11% of the total.
Berau Energy is 75% controlled by London-listed company Bumi Plc, previously Vallar Plc, since April 8. PT Bukit Mutiara and public shareholders own 15% and 10% shareholdings respectively. 
Berau Coal has reported a 9% increase in coal production to 4.1 million tons in 1Q 2011. The company posted average selling prices (ASP) of US$74.3 per ton.

Disclosure: No position at the stock mentioned above.

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