JAKARTA (TheInsiderStories) - Coal miner, PT Bayan Resources Tbk (IDX: BYAN), reported the sales volume of the company jumped 45.20 percent to 10.6 million tones (MT) of coal in the first quarter (1Q) of 2021 compared to the same period of last year. In the previous year, the mining firm sold 7.3 MT of coal.
The management explained the rising sales was support by water levels in the Senyiur River, which allowed the site in Tabang, Kutai Timur, East Kalimantan, to maximize sales while taking advantage of strong market prices. By countries, the mining firm sales were dominated by the Philippines 24 percent of the total sales, followed by China around 22 percent, South Korea at 17 percent, Malaysia 10 percent, domestic market at 9 percent, India 8 percent, and other markets 10 percent
As of March 31, Bayan has secured sales commitments and contracts about 32.6 MT of coal for this year. The management said, as many as 18.2 MT of coal using floating price, 3.9 MT using a fixed price at US$37.7 per MT of coal, and the rest is sales realization in the first quarter of this year.
The average selling price (ASP) of the company stood at $47.3 per MT of coal in 1Q of 2021, higher than the target $35.1 a MT of coal and the actual ASP in the fourth quarter of 2020 of $37.8 per MT of coal. It said, the increase was inseparable from the increase in coal prices at the end of 2020 and continued during the first quarter of 2021.
Bayan has pocketed net revenues of $501.03 million in the 1Q of 2021, up 38 percent from the same period of 2020 amounted to $326.28 million. The net profit also rose by 366 percent to $165.86 million on annual basis.
This year, the issuer owned by tycoon Low Tuck Kwong decided to revise its revenue target around $1.4 billion to $1.6 billion from the initial targets around $1.3 billion. The miner also set the ASP in the range of $46 to $48 a MT of coal based on the Newcastle price around $80 to $85 per MT of coal in average.
In the same year, Bayan set the coal production around 32 to 34 MT of coal. To support the targets, the coal producer prepared a capital expenditure up to $190 million during 2021.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
