Banpu reports ITM performance in Q4
Thursday, February 21 2013 - 04:03 AM WIB
Thai mining giant Banpu Plc recently reported the performance of its Indonesian subsidiary coal mining group IDX-listed Indo Tambangraya Megah (ITM) throughout the fourth quarter of 2012.
The 4Q12 sale volume by mines include Indominco 4.516 million tons, Trubaindo 2.404 million tons, Bharinto 0.241 million tons, Jorong 0.324 million tons and both of Kitadin mines 0.753 million tons.
ITM delivered strong sale volume of 27.197 million tons, +10% from the previous year, in which quarterly sale volume in 4Q12 was record-high at 8.238 million tons supported by good execution of mine plans under favorable weather condition.
"Despite production and sale achievement, the overall Indonesian performance has been dragged by unfavorable coal market during the year which made average coal selling prices (ASP) weakened to USD 91.24 per ton compared to USD 97.26 in previous year. The 4Q12 ASP was the lowest during the year at USD 82.06 per tonne, -7% QoQ and -6% YoY," the company said in a statement.
It said that production cost was under control with average cost of goods sold increased only 2% to USD 51.46.
"The adjustment in mine plan put in place since mid-2012 has lowered unit cost in key areas including mining and overburden handling cost. The measure helped lessening impact from lower ASP," it said.
Nevertheless it reported drop of average gross profit margin (GPM) from Indonesia to 43% from 50% in 2011. Likewise, the GPM in 4Q12 was the lowest at 37% (43% in 3Q12 and 52% in 4Q11).
| 4Q12 | 3Q12 | 4Q11 | |
| Production (k tonnes) | |||
| Indonesia | |||
| Indominco - West Block | 2,027? | 1,800 | 1,949 |
| Indominco - East Block | 2,539? | 1,965 | 2,068 |
| Trubaindo | 1,991? | 2,388 | 2,119 |
| Bharinto | 384 | 149 | ? |
| Jorong | 285 | 279 | 279 |
| Kitadin - Embalut | 312 | 320 | 351 |
| Tandung Mayang | 459 | 566 | ?414 |
| Total | 7,998? | 7,466 | 7,180 |
| Coal sales volume (k tonnes) | |||
| Indominco | 4,516 | 3,594 | 4,195 |
| Trubaindo | 2,404? | 1,757 | 1,835 |
| Bharinto | 241 | 16 | |
| Jorong | 324 | 219 | 402 |
| Kitadin | 334 | 284 | 343 |
| Tandung Mayang | 419 | 749 | 431 |
| Total | 8,238? | 6,619 | 7,206 |
Editing by Er Audy Zandri