May 1, 2012

ABM Investama 1Q profit declines 23%

Energy integrated company PT ABM Investama Tbk (ABMM), that is controlled by Hamami family, reported a 23.37% decrease in net profit for the first 3 months this year.
ABM posted a US$5.05 million net profit in 1Q 2012 from US$6.59 million in 1Q 2011. Operating profit slightly decrease of 5.16% to US$12.32 million from US$12.99 million.
Gross profit increased 43.17% to US$41.62 million from US$29.07 million. Revenue rose 43.08% to US$200.17 million from US$139.90 million.
Operational figure
Coal production and sales in 1Q 2012 jumped 136.39% to 827,000 tons from 350,000 tons in 1Q 2011. In return, contribution of coal revenue surged 188.6% to US$41.6 million from US$14.4 million. 
Hamami family controls ABM Investama via Valle Verde Pte Ltd and PT Tiara Marga Trakindo with 55% and 23.11%, while public shareholders held 11.35%.

Disclosure: No position at the stock mentioned above.

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