JAKARTA (Yosefardi) – Coking coal producer Borneo Lumbung Energi (BORN), partner of Bakrie Group at Bumi Plc, dropped further by 3.45% to its historic low Friday (August 16).
The stock ended at Rp280, after dropping to as low as Rp275 with over 7 million shares exchanged hands. It was smaller than average trading volume in the past three months (16.9 million shares).
The current price reflected a 84% fall from its peak in early 2011. At the current price, BORN has market capitalization of Rp4.9 trillion only, while its total liabilities reached Rp17.9 trillion.
In the first quarter of 2013, Borneo Lumbung posted net loss of US$14 million against net profit of US$12 million in the corresponding period of 2012 as operating profit plummeted 76.5% to US$8 million only.