Bumi reports higher output, sales
Friday, October 7 2016 - 12:27 AM WIB
Bumi said in a statement on Thursday that coal sales volume in the January-June period of this year increased by 5.1 percent to 41.9 million tons from 39.9 million tons in the first-half period of last year.
The company, however, said that despite the recent rising trend in global coal price, its FBO price during the period reduced further by 14.2 percent to US$40 per ton compared to $46.6 per ton in the January-June period of last year.
Bumi said that it continued to further cut costs during the first semester period. The company said cash cost dropped further by 16.5 percent to just $26.8 per ton of coal mined, compared $32.1 per ton in the first-half of last year.
Notably, subsidiary PT Arutmin reduced its cash cost by 21 percent to $20.2 per ton coal mined in the first semester of this year compared to $25.6 per ton in first semester of last year.
And, subsidiary PT Kaltim Prima Coal (KPC) reduced its cash cost by a further 15.3 percent to just $29.7 per ton compared to $35.1 per ton.
Elsewhere, the company said it expected to achieve sales of 85 million tons in the full year 2016 compared with 79.3 million tons in full year 2015) ? a forecast increase of 7.2 percent
?With coal prices steadying and displaying a continuous upward trend, control over cash and strip ratios, company performance is expected to improve further upon its operating performance during the rest of this year,? Bumis said.
Elsewhere, Bumi said that its overriding priority has always been and is to secure approval for a proposed debt restructuring plan from creditors, hopefully this month.
Editing by Reiner Simanjuntak