Coal miner PT Bayan Resources Tbk (BYAN), that is controlled by Dato's Low Tuck Kwong, reported a 173.38% jump in net profit by end of September this year on the back of strong coal revenue.
Bayan, that is in talks with White Energy regarding to the coal supply to PT Kaltim Supacoal, posted Rp1.34 trillion net profit in 9M 2011 from Rp488.64 billion in 9M 2010.
In September's financial statement filed to Indonesia Stock Exchange late last week, Bayan booked a 146.78% increase in operating profit to Rp2.13 trillion from Rp862.19 billion. Gross profit surged 103.62% to Rp2.81 trillion from Rp1.38 trillion. The company's revenue rose 51.14% to Rp9.25 trillion from Rp6.12 trillion.
At the end of September 2011, Low Tuck Kwong controls 51.59% stake in Bayan Resources, Korea Electric Power Corporation owns 20%, Enel Investment Holding BV holds 10%, Engki Wibowo and Jenny Quantero hold 5.96% abd 2.98% respectively.
Disclosure: No position at the stock mentioned above.
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