Jul 9, 2011

Delta Dunia 5M overburden up 15.6%

PT Delta Dunia Makmur Tbk (DOID), parent of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), reported a 15.64% increase of overburden removal by end of May this year. However, in parallel, Delta Dunia also experienced a slight decrease in coal production of 2.96% by end of May this year compared to the same period last year. 
Delta Dunia, that is indirectly 40% owned by Texas Pacific Group, Government of Singapore's Investment Corporation, and China Investment Corporation, posted 127.2 million bank cubic meter (bcm) of overburden removal by end of May this year from 110 million bcm a year earlier.
Coal production reached 13.1 million tons in the first 5 months of this year from 13.5 million tons a year earlier.
Delta Dunia recorded a 8% increase in net profit in the first 3 months of this year on the back of higher revenue.
DOID posted Rp165 billion net profit in 1Q 2011 from Rp153 billion in 1Q 2010. Despite higher net profit, net margin slightly fell to 10.6% from 11.9%. EBITDA was Rp485 billion, a 7% higher than Rp453 billion. However, DOID's operating profit fell 23% to Rp230 billion from Rp176 billion as a result of higher operating expenses of 81% and cost of revenues which rose 27%.
The lower operating profit sent DOID's operating margin retreated 11.3% from 17.9%. DOID's revenue increased 21% to Rp1.55 trillion from Rp1.29 trillion.

Disclosure: No position at the stock mentioned above.

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