brau @17 mt … 041110

Berau Coal to produce 17 million tons of coal in 2010
Thursday, 04/11/2010 08:19:11 WIB
by: Nana Oktavia Musliana
JAKARTA: Indonesia listed coal producer, PT Berau Coal Energy Tbk (IDX: BRAU), is on track to produce 17 million tons of coal in 2010, with full year revenues set to exceed the US$1 billion.

BCE in a press release to Bisnis announced its third-quarter financial results, with revenue of IDR6,966 billion, operating income of IDR1,898 billion, and net income of IDR396 billion (IDR16.22 per share).

At IDR9,000/US$, this equates to revenue of US$774 million, operating income of US$210 million, and net income of US$43.

Separately, BCE announced that it is now in a position to forecast coal production of at least 17 million tons
in 2010, slightly off its previous projection for the full year but at least 19% in excess of its 2009 production.

“We are pleased to report that we have largely overcome the challenges of heavy rainfall in Kalimantan throughout the dry season, with our revised full year forecast only 5% below our original projection of 17.9 million tons,” said Arief Wiedhartono, Director of Operations for BCE.

“With 17 million tons of production and slightly higher than expected average selling prices, we can now forecast that our full year revenue will exceed US$1 billion,” said John Ramos, Chief Financial Officer.

The Company experiences heavy noncash amortization charges against net income associated with its acquisition in late 2009 of a 90% stake in PT Berau Coal, the fifth largest coal mining company in Indonesia as calculated by production tonnage. Before such noncash amortization charges, BCE’s net income for the
first nine months of 2010 is IDR980 billion (US$108 million), or IDR40.17 per share.

Berau Coal Energy is a holding company that indirectly owns 90% of Berau Coal, the fifth largest coal producer in Indonesia in terms of production volume in 2009, according to the Annual Coal Production Report dated December 2009 by Indonesia’s Ministry of Energy and Mineral Resources. Berau Coal engages in open-cut mining of coal in its concession area in East Kalimantan, Indonesia. (NOM)


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