PT Delta Dunia Makmur Tbk. (DOID or theCompany) presents its newsletter with consolidated financial and operating results that include its primary and wholly owned subsidiary, PT Bukit Makmur Mandiri Utama (BUMA).
Despite prolonged weaknesses in the coal market, the Company reported improvement in 3Q 2015 performances and continued to deleverage its balance sheet.
3Q 2015 HIGHLIGHTS
- Overburden (OB) removal and coal volume increased by 4.2% QoQ (+1.6% YoY).
- Consolidated EBITDA grew 18% YoY and QoQ, translating into an EBITDA margin of 38.4% in 3Q 2015 vs. 34.4% in 2Q 2015 and 32.7% in 3Q 2014.
9M 2015 HIGHLIGHTS
- OB removal volume was at 201.5mn bcm (5.1% YoY), primarily due to one customer suspended its operations in December 2014 resulting from low coal prices. Coal production increased by 6.6% YoY to 24.8mn tons.
- Despite lower volume, consolidated EBITDA was maintained at a similar level of US$139 million versus US$140 million in 9M 2014, largely due to disciplined cost efficiency measures. EBITDA margin expanded to 33.9% from 31.9% a year ago.
- The Company recorded a net loss of US$5 million in 9M 2015, primarily due to US$20 million foreign exchange losses arising mostly from its tax receivables. Excluding the foreign exchange losses, which were primarily unrealized, net income would have reached US$15 million in 9M 2015.
- Management's strong focus on cash flow management resulted in the Company's ability to make US$10 million voluntary prepayments toward its bank facilities.
- Total outstanding debt was reduced by US$46 million to US$688 million as of September 2015 while net debt was at US$557 million versus US$633 million as of December 2014.
