Berau Coal?s Q1 net earnings drops on lower output
Friday, May 3 2002 - 06:44 AM WIB
East Kalimantan based coal mining firm Berau Coal booked net earnings of Rp. 257.84 billion (US$ = Rp. 9,300) during the first quarter of 2002, which is 3.6 percent lower than last year?s first quarter earnings, according to parent company publicly listed heavy equipment maker PT United Tractors.
United Tractors said Berau?s net earnings drop was mainly caused by the drop in production, from 1.55 million tons in the first quarter of last year to 1.26 million this quarter. The Rupiah strengthening against United States dollars was also contributing to the drop.
?Average selling price per ton this quarter is US$20.41 per ton, or $2.91 higher than last year?s quarter,? said United Tractors.
Berau Coal plans to produce 8 million tons of coal this year.
United Tractors is in the process of selling its stake in Berau Coal to raise money to pay for its debt which will due this year. (alex/robert)