TOBA posts production and sales gain in 1H 2013

By Tri Subhki Rakgmatullah

IDX-listed coal company PT Toba Bara Sejahtra Tbk (TOBA) posted an increase in both production and sales volume of 13 percent and 14.3 percent (year on year) respectively. Coal production volume rose from 2.47 million tons in first half 2012 to 2.79 million tons in 1H 2013, while sales volume hit 2.80 million tons in first half 2013 from 2.45 million tons in 1H 2012, according to the company?s statement on Friday.

The company?s coal production of 2.79 million tons in the first half was generated by all three of its operating subsidiaries, i.e. PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM) and PT Trisensa Mineral Utama (TMU) that contributed with 1.92 million tons, 0.64 million tons, and 0.23 million tons respectively.

Although the sales volume increased, cost of goods sold (COGS) decreased 6.0% from US$167 million in first half 2012 to $157.0 million in first half 2013 due to the reduction in stripping ratio (SR) and increased dump distance on overburden (OB) removal.

After deduction of net tax expense at $5.8 million for first half of the year, the company posted total net income (before minority interest and other comprehensive income) of $12.7 million, or lower than $18.1 million in first half 2012.

Editing by Adianto P. Simamora