The Increase of Sales Price Boosts Bukit Asam’s Profitability 08 November 2011
Jakarta (IFT) - According to the IFT’s research, The margin of profitability of PT. Bukit Asam Tbk (PTBA), a coal mining state-owned company until the 3rd quarter of 2011 has increase compare to the same period last year, supported by the increasing in sales price which is higher than cost needed. Though, the profit margin that went down compare to the last 1st semester indicated the performance weakening on the 3rd quarter.
By the end of September this year, Bukit Asam has printed out the revenue amount 7.75 trillion rupiahs, or increase about 31.3% compare to the same period last year which only about 50.3% (year-on year) to 3.9 trillion rupiahs, and the profit of the company also increase about 75.46% or 2.86 trillion from 1.38 trillion rupiahs.
Based on those numbers, the gross profit is increase to 51.3% from 44.81% on 3rd quarter last year. The company’s profit margin is increase to 36.91% from 27.68%. While the net profit is increase about 30% from 23.38%. Though, Bukit Asam margin at the 3rd quarter is went down compare to the 1st semester. At the 1st semester of 2011, Bukit Asam printed the gross profit margin is reach 52.51%, the company’s revenue margin reach 38.52%, and the net profit margin is about 31.47%
Achmad Sudarto, The Corporate Secretary of PT.Bukit Asam said that at January to September of 2011 period, the cost of production of the company increase about 8% to 10.18 million tons, compare to the same period last year amount 9.78 million tons. “The domestic sales is about 68% and export is 66% and 34% each.
The average sales price for domestic is increase about 24% to 736.000 rupiahs per tons from the price before about 613.214 rupiahs per tons. The same condition happened to the export price, it also increase about 62% to US$ 98.8 per tons.
Sudarto stated that the company has succeed to minimize the cost, so the increasing in cost production is lowest than the increasing in sales price. Cost for sold increasing about 16% from 3.26 trillion to become 3.78 trillion. The cost production is only increase about 10% to 1.1 trillion. The company also succeed to printed others revenue amount 295.3 million, increase to 59% from the 3rd quarter last year amount 185.76 million. “This condition makes the net profit increase significantly aside the price increase factor.” Said him.
Sukrisno as the director of PT. Bukit Asam, has strong optimism that the company can reach the net profit target amout 3 trillion rupiahs this year. Those target is based on the sales volume which estimated will grow about 13% or achieved amount 14.5 million tons and the sell price still consider on the high level until the end of this year.
Research held by PT. NISP Sekuritas stated that the net profit which printed by PT. Bukit Asam below the expectation due to the down grade on sales volume. NISP sekuritas was projected the sales volume of PT. Bukit Asam on the first nine month this year will reach amount 11.3 million tons.
Quarterly, Bukit Asam’s performance for the past three months that ended on September is also decrease compare to the previous quarter. At the 3rd quarter, the net profit of the company printed as Rp. 713.9 million or decrease about 16.2% from 851.7 million rupiahs.
On market activity held on Wednesday, Bukit Asam stocks price was closed with a decrease of 100 rupiahs or 0.58% to 17.250 rupiahs.
PT. Bumi Resources Tbk (BUMI), the biggest coal producer, estimated that the cost production on the 3rd quarter will reach about 47 million tons or 71.2% from the target until the end of the year amount 66 million tons. While the sales volume is estimated about 45.8 million tons.
Dileep Srivasta, The Director and Corporate Secretary of Bumi Reseorces, stated that for the 3rd quarter 0f 2011, the production reach 17 million tons and the sales volume reach 16.5 million tons and the average sales is about US$ 93 per tons. “So far, the operational performance is still stick to the target. Compare to the 2nd quarter, the production increase about12% and sales increase about 8%.” He said
Research held by PT. JP Morgan Securities Indonesia predicted the coal sales of Bumi Reseources until the 3rd quarter reach 46 million tons with average sales price amount US$ 92-93 per tons. Therefore, the profit before taxes and interests is estimated reach US$ 375 million tons and the net profit reach US$ 167 million.
Source : indonesiafinancetoday.com