Toba Bara?s Q1 production in line with target
Wednesday, April 29 2015 - 06:27 AM WIB
IDX-listed coal miner PT Toba Bara Sejahtera Tbk said its coal production in the first quarter of the year reached 1.5 million tons, which is in line the quarterly production target of 1.5-2 million tons.
The production was sourced from all three operating subsidiaries with the following respective contributions: 0.9 million tons from PT Adimitra Baratama Nusantara (ABN), 0.4 million tons from PT Indomining (IM), and 0.2 million tons from PT Trisensa Mineral Utama (TMU).
?ABN remained as the main contributor to the Company?s total production volume, while all three subsidiaries achieved their respective 1Q15 production volume targets,? the company said in a statement on Wednesday.
Stripping ratio (SR) declined 8.1 percent to 12.4x in the first quarter of 2015 from 13.5x in the previous quarter, reflecting the company?s continued efforts in improving its operational performance amidst the low coal price environment. This was in line with its 2015 quarterly SR guidance of 11x ? 12x.
The company?s ASP only contracted by 6.5 percent from US$ 62.9/ton in the fourth quarter of 2014 to US$ 58.8/ton in the first quarter of 2015, which compared favorably with NEWC Index price that fell 15.7% over the same period.
As of the first quarter of 2015, the company has secured contracts accounting for around 70 percent of its 2015 sales volume target at fixed price. The terms of payment were relatively favorable such that the typical quality buyers were committed to prepay certain percentage of the contract values. This marketing initiative has enabled the company to maximize its pricing strategy given the adverse coal market condition.
The company earlier said that net profit jumped by more than 115 percent to US$12.84 million during the first quarter of this year from $5.97 million in the same period of last year despite the lingering weak coal price in the global market.
Rrevenue increased by 28.5 percent to $122 million during the first three months of this year from $94.94 million in the same January-March period of last year.
Editing by Johannes Simbolon