Management Discussion & Analysis
1H 2019 Summary And Highlights
Important Note: The results provided below reflect the unaudited consolidated results of PT Harum Energy Tbk. (“Company”) for the 6-month period ending 30 June 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.
- Total coal sales volume for 2Q 2019 came at 1.0 million tonnes, or 7.5% lower from 1.1 million tonnes sold in 1Q 2019, however coal sales volume for 1H 2019 rose by 6.5% to 2.1 million tonnes from 2.0 million tonnes sold in 1H 2018;
- Average Sales Price (ASP) achieved in 2Q 2019 was USD 64.0 per tonne, or 3.0% higher than USD 62.1 per tonne achieved in 1Q 2019. In 1H 2019, the Company’s ASP decreased to USD 63.0 per tonne or 14.3% lower than the ASP of USD 73.6 per tonne achieved in 1H 2018;
- Revenues in 2Q 2019 was USD 67.7 million or 6.0% lower from 1Q 2019. In 1H 2019, revenues declined to USD 139.8 million from USD 153.1 million recorded in the same period a year ago;
- FOB Vessel Cash Cost for 2Q 2019 was USD 40.1 per tonne, or 4.5% higher from USD 38.3 per tonne in 1Q 2019. In 1H 2019, the FOB Vessel Cash Cost was USD 39.2 per tonne, or 7.8% lower from USD 42.5 per tonne in the same period a year ago;