LONDON (Yosefardi) – Bumi plc, parent company of coal miner PT Berau Coal Energy Tbk (BRAU), reported loss after tax of US$79 million in first half of this year, compared to loss US$179 million in the same period of last year.
Bumi Plc also holds an investment in coal giant PT Bumi Resources Tbk (BUMI).
Bumi Plc said its revenue fell to US$722 million from previous US$770 million, primarily due to a reduction in the average coal selling price in the period from $76.6/mt to $61.4/mt, partially offset by lower operating costs.
Despite a lower coal price environment, cash flow from operations increased by $6m to $189 million, mainly due to improved working capital management and lower costs.
Approximately 85% (H1 2012: 81%) of total coal sales went to exports, with 15% (H1 2012: 19%) to domestic Indonesian customers.
In terms of pricing, 90% of BRAU’s coal production for 2013 has been contracted and priced at an average of $61 per ton.
Bumi Plc booked operating loss of US$11 million compared to operating profit of US$52 million in first half of 2012.
Operating loss is after charging $72 million (H1 2012: $49 million) in respect of the unwind of fair value adjustments created as a result of the acquisition of Berau Coal (84.7% at 30 June 2013). Now, Bumi plc holds 76.2% stake ownership in Berau Coal.
The company recorded no loss from equity accounted units in first half of 2013. Otherwise, it booked loss of US$109 million from equity accounted unit, Bumi Resources, in the same period of last year.
Bumi Plc’s net debt totaled US$389 million, (31 December 2012: $514m).