Mar 25, 2012

Golden Mines FY11 revenue jumps 209%

Coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue last year to Rp2.86 trillion from Rp927 billion a year earlier.
Profit after tax jumped 788% to Rp302 billion from Rp34 billion, mainly driven by strong growth of coal production last year.
Golden Mines produced 4.39 million tons of coal last year from 1.77 million tons. Coal mining production facilities, located in Sumatra, East Kalimantan, and South Kalimantan, have reserves of 911.25 million tons per December 31 2011.
"The year of 2011 was a break through for us and an effort to continue oyr business as one of the largest coal players in Asia Pacific," said President Director Fuganto Widjaja in a statement filed to Indonesia Stock Exchange last week. Fuganto is son of Indra Widjaja.

Disclosure: No position at the stock mentioned above.

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