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Videos » Harum Energy seeks moment for acquisition
03 December 2013

Coal producer PT Harum Energy Tbk (HRUM) is waiting for the right opportunity for expansion amid weak commodity price, while it has no problem with funding for acquisition.


The company has been reviewing some projects, expecting one to be acquired by early next year.


Owned by tycoon Kiki Barki, the company may use up its internal cash amounting to $170 million and a $270-million stand by loan facility available until end 2014.


Operating in East Borneo, the company is preparing for two mines to produce next year, namely PT Karya Usaha Pertiwi (KUP) and PT Tambang Batubara Harum (TBH).


It expects total production next year will be the same as this year's 12 million tonnes, and sales 14 million tonnes. The coal producer has been suffering tough year because of lower commodity price.


The company's 9 months revenue dropped 20.1% to $666.9 million compared to the same period last year, as average selling price fell 17.6% to $70.0 per ton from $84.9 per ton.


 


Source: President Director Ray Antonio Gunara