Bahana BUMI FY09 results: Net profit 50% lower than our and consensus

􀂃 Bumi resources (BUMI-BUY-IDR2,300-TP:IDR3,200) booked FY09 net profit of USD190m (-49% y-y), forming only 48% of our and 46% of consensus estimates. The main reason for the shortfall was lower than expected operating earnings, forming only 69% of our and 66% of consensus estimates.

􀂃 The shortfall in the operating profit was because in 4Q09 BUMI booked a net operating loss of USD67m compared to USD200m profit in previous quarter. This is because q-q revenues were up 11.8% while COGS was up 65% translating into 73% decline in the operating profit. Gross profit margin fell from 38% to 9% in 4Q09. Gross profit margin fell from 38% in 3Q09 to 9% in 4Q09.

􀂃 On y-y basis, 4Q09 revenues were down 6% while COGS was up 99% translating into 85% decline in operating profit to USD79m.

􀂃 Operational numbers are not out yet, but based on FY09 numbers we are likely to downgrade our forecast. However we continue to maintain our BUY for BUMI. (Company, Bahana estimates, Bloomberg)