May 2, 2011

Darma Henwa turns to US$7.83 mio profit

Coal mining contractor PT Darma Henwa Tbk (DEWA) turned to US$7.83 million net profit or US$0.36 per share for the first quarter of this year on the back of growth in revenue.
Darma Henwa, which is now 28.8% stake owned by Indonesia's largest thermal coal exporter through Zurich Assets, posted a 302.33% jump in its bottom line from US$3.87 million net loss or US$0.16 per share for the first quarter of last year.
Operating profit was also in 'blue' of US$13.83 million, a 565.66% jump from an operating loss of US$2.97 million.
Darma Henwa booked US$69.32 million, a 54.80% increase from US$44.78 million, while growth in cost of goods revenue was 16.21%, lower than the revenue growth.  
Bumi Resources acquired 44% stake in Dewa in December 2008. But, the effective interest was diluted to 28.8% as Zurich Assets, through which Bumi holds Dewa, did not participate in Dewa rights issue in the first quarter of 2010.
Darma Henwa owns and operates a range of equipment for mine exavation, mine hauling, and mine support with approximately over 210 units. 
As of December 31 2010, Dewa employed about 1,635 employees in its operations. The company produced 6 million tons, 6 million tons, and 6.6 million tons of coal in 2008, 2009, and 2010 respectively.  
The figures represent 11.3% and 9.5% respectively of total coal production of KPC and Arutmin Indonesia in those periods.

Disclosure: No position at the stock mentioned above.

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