Jul 29, 2011

Borneo 1H net profit skyrockets 3,904%

Indonesia's largest coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN), that is controlled by single majority shareholder Indonesian businessman Samin Tan, today reported a 3,904% jump in net profit for the first 6 months of this year.
Borneo Energi posted Rp826.8 billion net profit in 1H 2011 from Rp20.65 billion in 1H 2010. Gross profit surged to Rp1.65 trillion from Rp509.08 billion. Borneo Energi's revenue skyrocketed to Rp2.98 trillion from Rp1.07 trillion.   
Borneo Energi manages and operated two subsidiaries, PT Asmin Koalindo Tuhup (AKT), the only hard coking coal miner in Indonesia, and PT Borneo Mining Services (BMS), equipment rental to AKT.
AKT owns two coking coal mining blocks in Kalimantan, dubbed Kohong and Telakon with 21,630 hectares area.
Based on the IPO prospectus, Kohong is estimated to have 69.2 million tons hard coking coal reserves and 280.7 million tons resources. Telakon is estimated to own 98.1 million tons resources.
Borneo Lumbung Energi's production capacity is 3.6 million tons of hard coking coal by the end of 2010 and increased to 5 million tons in 2011.

Disclosure: No position at the stock mentioned above.  

Print This Article

No comments: