Bayan?s H1 net profit soars

IDX-listed coal mining group PT Bayan Resources Tbk said Monday that its unaudited net profit soared to Rp 111.03 billion (1US$ = Rp 10,050) in the first half of the year from 2.83 billion in the same period of last year.

Revenue doubled to Rp 3.76 trillion from 1.89 billion in the same period a year ago. However production costs rose to 3.16 trillion from 1.61 trillion, while sales cost was up to 289.41 billion from Rp 203.27 billion and general and administrative costs up to Rp 114.03 billion from Rp 60.48 billion.

In a presentation released on March 6, 2009, the company said its sales volume is expected to increase to 10 million tons in 2009 from 6.7 million tons in 2008 with some 600,000 tons of coal to be purchased from third party.

Bayan, the 8th largest coal producing group in Indonesia, operates eight mining companies including five operated under CCoWs. (denny)