BUMI heading towards financial ruin: study
Oleh Edy Can - Rabu, 29 Agustus 2012 | 13:26 WIB
JAKARTA. A study by a securities company shows that PT Bumi Resources (BUMI), a major coal exporter in Asia, was "headed towards financial bankruptcy".
"It can be concluded that BUMI is in the danger zone, or headed towards financial bankruptcy," Fajar Indra, an equity analyst for the metal and mining sector at Panin Securitas, stated in Panin's study.
Fajar based the analysis on calculations which determine the financial well-being of a company. In this calculation, Bumi scored 0.9 points, far beneath the score that indicates financial trouble, at 1.1 points.
Besides the calculations, Fajar also pointed out that Bumi has just lengthened the time period of its fund investments, worth US$231 million, at PT Recapital Asset Management.
"In other words, BUMI has failed to liquefy its investments to conduct refinancing," he said.
He added that Bumi's debt to China Investment Corporation (CIC), totaling US$1.3 trillion, was due this year.
"The profit margins have also been eroded due to the 9.2 percent jump in production costs by the ton, which has not been balanced by a rise in sale prices," he noted in his study.
In their financial report from the first half of the year, Bumi revealed that they have racked up financial losses of US$334.1 million, or a loss of US$15.87 per share.
As of 12 p.m., Bumi's shares were valued at Rp 750 apiece, or 10 points lower than the opening price. (Mariel Grazella/ The Jakarta Post)
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