Management Discussion & Analysis
1Q 2019 Summary And Highlights
Important Note: The results provided below reflect the unaudited consolidated results of PT Harum Energy Tbk. (“Company”) for the 3-month period ending 31 March 2019, which include the results of PT Mahakam Sumber Jaya (“MSJ”), PT Layar Lintas Jaya (“LLJ”), PT Tambang Batubara Harum (“TBH”), PT Karya Usaha Pertiwi (“KUP”), PT Bumi Karunia Pertiwi (“BKP”), PT Santan Batubara (“SB”), Harum Energy Australia Ltd and Harum Energy Capital Ltd. The report below is prepared by the management and unaudited.
- Coal sales volume in 1Q 2019 totaled 1.1 million tonnes, similar to volume sold in 1Q 2018, but decreased 27.0% from 1.5 million tonnes sold in previous quarter;
- Average Sales Price (ASP) achieved in 1Q 2019 was USD 62.1 per tonne, or 7.4% lower from 4Q 2018;
- Revenues in 1Q 2019 was USD 72.1 million decreased 17.0% year-on-year;
- FOB Vessel Cash Cost in 1Q 2019 was USD 38.3 per tonne, or 12.8% lower from USD 44.0 per tonne in 4Q 2018 and 6.8% lower from USD 41.1 per tonne in 1Q 2018;
- Operating profit margin in 1Q 2019 improved to 13.1% from 8.6% in 4Q 2018.