Bayan Resources? profit down by 53.74 percent
Friday, November 1 2013 - 07:13 AM WIB
IDX -listed coal company PT Bayan Resources Tbk (BYAN) posted lower profit in the first nine months of 2013 at US$29.06 million or a 53.74 percent drop from $62.83 million in the same period of last year. BYAN?s total revenue also showed lower performance at $849.97 million until September 2013, or weakened by 21.54 percent compared to $1.08 billion in the same period last year.
The company said in a report Thursday revenue from coal sales to its three major buyers that contribute more than 10 percent of total sales also declined. Those buyers are Vitol Asia Pte. Ltd, J. Aron & Co an TNB Fuel Service Sdn. Bhd. Coal export to Vitol Asia decreased to $165.31 million by September 2013 from $191.45 million. Coal sales to J. Aron weakened to $165.71 million from $223.62 million. TNB?s contribution in the period also declined to $103.61 million from $127.66 million. Meanwhile, BYAN?s revenue from domestic sales was only $2.2 million.
BYAN sets coal production target at 16 million to 17 million tons in 2013, or slightly higher than 16.3 million tons of production realization in 2012. Bayan has the exclusive rights to mine under five CCoWs, thirteen IUPs, and four more IUPs upon the completion of the IBU/ Kangaroo transaction, which are located in East and South Kalimantan.
Editing by Reiner Simanjuntak