Berau Coal Profit Drops 36% on Higher Cost and Interest Charges

Resources

Saturday, 30 October 2010 10:59

Theindonesiatoday.com - New-listed coal miner PT Berau Coal Energy Tbk (BRAU) posted net profit of Rp395.8 billion in nine months to September of 2010, dropped 36% from Rp614.4 billion in the corresponding period of last year.

It recorded net earning per share (EPS) of Rp16.22.

The company said revenue increased 13% to Rp6.96 trillion but cost of good sold also rose 32% to Rp4.7 trillion. As a result it booked gross profit of Rp2.2 trillion, lower than Rp2.57 trillioon the company recorded a year earlier.

Operating expense also increased to Rp335.8 billion, so operating profit totaled Rp1.89 trillion, a 20% decline compared to Rp2.37 trillion the company booked in nine months to September of 2009.

It booked other expenses of Rp503.6 billion, of which interest expenses and financing charges accounted for Rp491.5 billion.

As of September 2010, Berau Energy's assets totaled Rp15.59 trillion while liability amounted Rp10.11 trillion.

The company had earlier said it targets to book revenue from coal sales of US$1.04 billion this year, a 17% rise compared to US$885 million it booked in the same period of last year.

John J Ramos, BRAU's director, said the company targets to produce 17.9 million tons of coal this year, compared to 14 million tons in 2009.

He said the company's average coal price is also targeted at US$58 per ton, little change from US$58.25 last year. (hans@theindonesiatoday.com)

» EMAS Awarded Two Contracts from StatOil

Theindonesiatoday.com - EMAS AMC, subsea construction division of Ezra Holdings Limited, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, has been awarded two contracts from...

Latest News

» EMAS Awarded Two Contracts from StatOil

» Beng Kuang Marine Reports 47% Revenue Growth

» Indofood's Contribution to First Pacific Increases 4%

» Solusi Tunas Targets to Acquire 4 Tower Companies

» JAKS Resources & Meiya Build 1,200 MW Coal-Fired Power in Vietnam

» Nordic Completes Acquisition of Multiheight Group

» Foreign Exchange Reserves Drop 1.5% to $110 Billion

» Garuda's Market Share Reaches 28.3% by November

» Four Former CEOs of Pertamina Examined in Innospec Bribery Case

» Two Companies File Bankruptcy Petition Against Tower Bersama Unit

» NDC Acquires 7 Drilling Rigs for $300 Million

» Bank Pundi Downsizes Rights Issue

» China Leads World Steel Output Growth

» Trikomsel Profit Surges 95.8%, Revenue Boosts

» IPGA Acquires PT Web Marketing

Latest News

Most Read

Most Read

Industries

Politics

Law

People