JAKARTA: PT Bayan Resources Tbk, the Indonesia-based coal mining company, sets a goal for doubling net income this year considering increasing production volume, coal sales, and estimation higher average of sale price.The net income is expected to arrive at US$175 million-US$225 million or equivalent to IDR1.58 trillion-IDR2.02 trillion.In 2010, the mining company controlled by an entrepreneur Dato Low tuck Kwong booked IDR740.8 billion net income.The profit target is formulated on assumption of revenue growth in 2011 by 25.71%-44% to US$1.25 billion-US$1.4 billion (IDR11 trillion-IDR12.6 trillion) from IDR8.75 trillion last year.The increase in production volume, sales, and average of coal sale price will create a greater performance, Bayan Resources Director R. Soedjoko Tirtosoekotjo confirmed.The coal sale price is targeted to stay between US$95-US$97 per ton this year, expectedly contributing to sales achievement, while the global demand for coal is still positive until the end of this year.In addition, the coal miner allocates this year capital expenditure by US$80 million-US$100 million or IDR720 billion-IDR900 billion that will be covered from internal cash. Meanwhile, last year, it booked IDR467.4 billion retained earnings, as informed by Bayan Resources President Director Eddie Chin Wai Fong.In the meantime, the company has pocketed an approval of shareholders to acquire nine coal mining concessions owned by PT Ithabi Bara Utama, Prime Mine Resources Limited, and Romo Nitiyudo Wachjo withUS$200 million investment.Then, the shares of nine concessions and one company controlling the asset have been taken over to Kangaroo Resources Limited due to be changed with 56% shares or 1.92 billion shares.Dividend distributionOn the other hand, Eddie Chin affirmed that the mining company will distribute a total dividend of IDR266.7 billion (IDR80 per share) or equivalent with 36% of total net income per December 2010 amounting to IDR740.8 billion.The dividend distribution had been approved in a shareholders meeting and to be paid on July 13. Last year it paid no dividend.Our financial performance in book year of 2010 indicated a sustainable growth since 2009, he added.Meanwhile, the BYAN-coded shares was closed up 2.43% to IDR19,000 per share yesterday. (T01/NOM)
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