Bumi’s H1 net soars 513 percent on higher coal prices
2004 production target revised down to 40 million tons
Saturday, July 31 2004 - 01:27 AM WIB
The company’s net revenue (after royalty) in the first half of 2004 surged 195% to Rp3, 887 billion (US$441.9 million) from Rp1, 316billion (US$156.4m) in the first half of 2003 due to the consolidation of PT. Kaltim Prima Coal (KPC).
In the first half of 2004, the company recorded 22% increase in weighted average coal ales price (FOB) of US$29.0 per ton compared to US$23.7 per ton in the first half of
2003 due to higher realized weighted average coal sales prices of US$31.3 in the econd quarter of 2004.
The company’s coal production surged 167% to 17.1million tons in the first half of 2004 compared to the production of 6.4 million tons in the first half of 2003 due to the addition Pinang, Prima and Melawan brands (KPC’s products).
Due to the delay in heavy equipment delivery from the manufacturer and higher rainfalls in the second quarter of 2004, the production target was reduced to 40 million tons coal this year from 43m tons coal.
Meanwhile, in the first half of 2004, the company has sold 16.7million tons of coal in which 9.9 million tons of Pinang, Prima and Melawan brands and 6.8 million tons of Senakin, Satui and Mulia (Ecocoal) brands, compared to 6.5 million tons of coal in the first half of 2003.
BUMI’s cost of production rose 165% to Rp2, 633 billion (US$299.4 million) in the first half of 2004 compared to Rp994 billion (US$118.1 million) in the same period last year due to the consolidation with KPC. In the first half of 2004, Bumi’s cash cost of production (direct costs excluding depreciation and interest) increased to US$15.07 per ton from US$13.35 per ton in the same period last year due to higher stripping ratio in Arutmin and in KPC.(alex)
PT BUMI RESOURCES TBK. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2004 AND 2003
(in Million Rupiah, except Earning per Share)
UNAUDITED
| ? | 2004 | 2003 |
| REVENUES | 3,886,647 | 1,315,594 |
| COST OF GOODS SOLD | 2,632,913 | 993,959 |
| GROSS PROFIT | 1,253,734 | 321,635 |
| OPERATING EXPENSES | ||
| General & Administrative | 81,342 | 101,469 |
| Marketing Expenses | 147,467 | 107,066 |
| Repair and Maintenance | 0 | 2,185 |
| Exploration Cost | 0 | 679 |
| Total Operating Expenses | 228,809 | 211,399 |
| OPERATING INCOME | 1,024,925 | 110,236 |
| OTHER INCOME (EXPENSES) | ||
| Interest Income | 29,654 | 340 |
| Port Fees | 19,206 | 64,293 |
| Bank Charges | ( 126) | ( 10,738 ) |
| Gain (Loss) on Foreign Exchange, Net | ( 52,460 ) | 24,272 |
| Amortization Expenses | ( 145,524) | 0 |
| Interest Expenses | ( 332,701) | ( 65,587) |
| Others, Net | 48,863 | ( 28,906 ) |
| Total Other Income (Expenses) | ( 433,088) | ( 16,326) |
| INCOME BEFORE TAX | 591,837 | 93,910 |
| INCOME TAX PROVISION | 230,768 | 9,630 |
| NET INCOME | 361,069 | 84,280 |
| MINORITY INTEREST IN NET INCOMEOF SUBSIDIARY | 2,913 | 25,903 |
| NET INCOME AFTER MINORITY INTEREST | 358,156 | 58,377 |
| EARNING PER SHARE | ||
| Operating Income per Share | 52.82 | 5.68 |
| Net Income per Share | 18.46 | 3.01 |