PT Berau Coal Energy Tbk (BRAU), that is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of September this year from the prior period on the back of strong growth in sales.
In September's financial statement filed to Indonesia Stock Exchange today, Berau Coal posted US$132.45 million net profit in 9M 2011 from US$44.98 million in 9M 2010. Operating profit rose 84.46% to US$413.99 million from US$224.43 million.
The company booked a 58.12% increase in sales to US$1.21 billion from US$763.39 million. Berau Coal produced 14.3 million tons in 9M 2011 and is expected to meet the 20 million tons target for 2011. In Q3 2011, Berau recorded 5.3 million tons of coal, an increase of 23% over Q3 2010. Berau Coal achieved an average selling price per ton in the third quarter of US$87 per ton.
Disclosure: No position at the stock mentioned above.
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