Coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN), that is controlled by Indonesian businessman Samin Tan, suffered a 75.01% drop in net profit in the first quarter of this year on the back of a surge in finance charge.
Borneo posted US$11.96 million net profit in 1Q 2012 from US$47.86 million. The company was burdened by a US$18.41 million finance charge, a surge from US$104 in 1Q 2011.
Operating profit also tumbled 47.74% to US$31.34 million from US$59.97 million, while gross profit fell 39.92% to US$46.68 million from US$77.69 million.
Borneo Energi posted a 9.25% decrease in net sales to US$122.61 million from US$131.11 million. PT Republik Energi & Metal owned 70.21% in Borneo Energi and public shareholders hold 29.78%.
Disclosure: No position at the stock mentioned above.
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