PT Darma Henwa Tbk, leading regional integrated mining company, sold its entire 100percent stake in coal trading company Coal Vista Resources Ltd. to Thionville Financier Ltd. for $80 million. The transaction was completed on Aug. 11.
The company produced 6 million tons, 6 million tons, and 6.6 million tons of coal in 2008, 2009, and 2010 respectively. The figures represent 11.3% and 9.5% respectively of total coal production of KPC and Arutmin Indonesia in those periods.
Darma Henwa turned to US$7.83 million net profit or US$0.36 per share for the first quarter of this year on the back of growth in revenue. Darma Henwa, which is now 28.8% stake owned by Indonesia's largest thermal coal exporter through Zurich Assets, posted a 302.33% jump in its bottom line from US$3.87 million net loss or US$0.16 per share for the first quarter of last year.Operating profit was also in 'blue' of US$13.83 million, a 565.66% jump from an operating loss of US$2.97 million.
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