Coal miner PT Berau Coal Energy Tbk (BRAU) today reported a 270.43% in net profit for the first half of this year as coal sales volume and average selling price surged.
Berau Coal booked US$90.31 million net profit in 1H 2011 from US$24.38 million in 1H 2010. Despite strong bottom line, financial charges surged to US$57.59 million from US$27.03 million.
Berau's operating profit soared 102.25% to US$247.29 million from US$119.90 million, sending a higher margin to 33.91% from 25.64%. Sales rose 55.90% to US$729.06 million from US$467.64 million.
The company produced 9 million tons of coal in 1H 2011 from 6.4 million tons in 1H 2010. Coal sales volume increased to 9.6 million tons from 8.2 million tons, while average selling price increased to US$74.6 per ton from US$56 per ton.
Disclosure: No position at the stock mentioned above.
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