PT Delta Dunia Makmur Tbk (DOID), parent of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), suffered a 91.34% plunge in net profit in the first half of this year as a result of higher cost of goods sold and transaction costs and bank charges.
Delta Dunia posted Rp17.85 billion net profit in 1H 2011 from Rp206.19 billion 1H 2010. The company's operating profit dropped 45.38% to Rp252.29 billion from Rp461.86 billion.
In line with the drop, gross profit also fell 23.23% to Rp453,54 billion from Rp590.75 billion as cost of goods sold increased 28.91% to Rp2.72 trillion from Rp2.11 trillion.
Delta Dunia, that is 40% owned by Northstar Tambang Persada, posted a 17.78% increase in revenue to Rp3.18 trillion from Rp2.70 trillion.
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