MacQ Bukit Asam: FY08 audited net income 11% below Macq’s

PTBA full year 2008 NPAT came in at Rp1.7trn, up 125% YoY, 11% below Macq forecast of Rp1.9trn (consensus Rp1.95trn). There is a Rp90bn unexpected provision for third party deposit and account receivable. That said, the net cash position as of Dec-08 was Rp3.04trn, which is about US$100mn ahead of Macq forecast of Rp1.9trn. So free cash flow generation came in strong, partly due to PTBA pushing back expansion plans. Macquarie rates Outpeform.