Wednesday , 7 January 2015
Pipeline Technology
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Toba Bara Sejahtera produces 6.4 mln tons of coal in 9 months

JAKARTA (Rambu Energy) – PT Toba Bara Sejahtara Tbk (TOBA.IJ) produces 6.4 million tons of coal in the first nine months to September 2014, almost the same with total coal production in 2013 of 6.5 million tons. The increase coal production helped lift the company’s sales in the first nine months to September period.

The company said the production rise was mainly due to a rise of coal production from its subsidiary PT Trisensa Mineral Utama (TMU) after the subsidiary firm completed the hauling road project, which connecting the company’s mining site to PT Indomining, via PT Adimitra Baratama Nusantara.

The three companies are subsidiaries of Toba Bara Sejahtera and are located closely to each other.

Toba Bara said in a filing to the Indonesian Stock Exchange ahead of its public expose next week that the total coal production this year is estimated to reach between 7.2 million and 7.8 million tons of coal.

The company sold 6.1 million tons of coal in the nine months to September period with average coal sales of US$64.1 per ton compared to 4.4 million tons coal in the same period last year, with average coal sales price of US$67.4 per ton.

The average Newcastle Index price, a reference world coal price, stood at US$73.2 per on, down from US$85.7 per a year ago.

In the January-September period, Toba Bara posted net profit of US$30.9 million, surged 60.1 percent from US$19.3 million in the same period 2014. Its sales reached US$389.7 million, up 31 percent from US$297.5 million a year earlier.

Its EBITDA (earning before interest, tax, depreciation and amortization) also rose to US$57.8 million, compared to US$44.1 million in previous year.

The company said it managed to raise its sales as its average coal sales only dropped slightly by 3.8 percent to US$64.1 per ton in the nine months to September 2014, compared to US$66.6 per ton in 2013. The average Newcastle Index in the period dropped 14.6 percent to US$73.2 tons, from US$85.7 per ton a year earlier.

The company said most of its coal sales price are fixed under long term contract.

In addition, the company has set capital expenditure of US$15.5 million in 2014. As of end September 2014, the company’s realized expenditures has reached US$10.23 million, most of which (51 percent) were spent for land clearing.

The remaining expenditures were allocated for exploration (7 percent), heavy equipment and machine (12 percent), building and property (8 percent), conveyor project (15 percent) and others (7 percent).

PT Toba Bara Sejahtera is a privately owned group founded in 2004 by General (Ret.) Luhut B. Pandjaitan, who remains the majority shareholder. The company currently has four major business areas: coal, oil and gas, power plant and agriculture.

 

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