SYDNEY (Indonesia Today) – Kangaroo Resources Limited, a coal subsidiary of Bayan Resources (BYAN), booked net loss of A$6.25 million in the first half ended June 30, 2012, down slightly from A$6.59 million in the previous semester (ended Dec 31, 2011).
Kangaroo, which hold some coal concessions in Kalimantan, however, started to generate revenues of A$2.35 million in the period against zero in the previous semester.
As of June 30, 2012, Kangaroo Resources had net assets of A$340.57 million. The company has 99% interest in Pakar project (thermal coal), Mamahak project (coking coal), and GPK project (thermal coal).
KRL’s subsidiary PT Mamahak Coal Mining has earlier awarded a US$270 million mining contract to PT Putra Perkasa Abadi to mine up to 4.5 million tons over five years, including up to 1 million tons per annum, of coking coal.
Bayan Resources controls 56% shares in KRL, which is listed on Australia Stock Exchange (ASX). Bayan booked net profit of US$50.4 million in the first half of 2012, slashed from US$110.4 million in the corresponding period of 2011. (bintang@theindonesiatoday.com)