During 1H10, BLT posts US$24.5mn of net profit compared to US$172.8mn of net losses in 1H09. The company’s revenue rose by 7.8% to US$329.7 from US$305.7mn in the same period. However, operating profit decreased to US$60.2mn (-10.9% YoY) due to higher direct cost, which is likely pushed up by higher oil price.
BLT managed to improve its margin in 2Q10 where operating margin rose to 21.4% compared to 15.0% in 1Q10. As such, despite that revenue only grew by 4.1% QoQ to US$168.1mn, BLT’s operating profit jumped by 48.0% QoQ to US$35.9mn. However, the company posted US$36.9mn of losses on derivative transaction. Hence, it posted a loss in its 2Q10 bottom line of US$0.4mn from US$24.9mn of net profit in 1Q10.
The company’s result is inline with market expectation where consensus foresees a US$37.4mn of 2010F net profit.
BLTA is trading at 2011F consensus PER of 4.0x and EV/EBITDA of 6.0x.
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