A very confusing read-through on the financial performance of KPC and Arutmin. Tata Power’s segmental breakdown shows 19% yoy growth in coal revenue to 1,539 (Rs crores) and 13% yoy growth in coal EBIT to 424(Rs crores), for the quarter ending June 2010. In terms of QoQ performance, the coal revenue dropped by 23% while EBIT dropped by 7%. I am told by my research collegues in India that majority of these revenue and EBIT came from KPC and Arutmin mines.
The QoQ trend does not match the official operating release provided by Bumi Resources, which suggests that 2Q10 should be a strong quarter for Bumi, in terms of QoQ comparison. Bumi is suggesting a flattish coal sales volume of 15.1mn tons in 2Q10 (vs 15.9mn in 1Q10), while average selling price spikes to US$71.6/ton in 2Q10 (vs US$62.7/ton in 1Q10). On these numbers, revenue should grow by at least 9% QoQ (rather than the reported 23% decline in TPWR’s read-through). These are official numbers based on IDX disclosure dated 13 July 2010.
Looking at TPWR’s figures on absolute basis rather than on QoQ trend, I suspect that Tata Power and Bumi Resources adopt very different accounting principles in their quarterly reports. Bumi appears to be under reporting its EBIT in 1Q10 (Tata’s read-through showing much bigger number), such that if the accounting normalizes in 2Q10, the QoQ comparison should be favorable (in contrast to the poor QoQ read from Tata Power).
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