JAKARTA: PT Bukit Asam Transpacific Railway, PT Bukit Asam Tbk, appointed Standard Chartered Bank as its financial adviser in obtaining financial support for rail transportation project worth US$1.8 billion.Besides Standard Chartered Bank (Stanchart) as the financial adviser, the BATR-coded share also appointed a Chinese consortium to finance the investment, said two sources familiar with the matter.BATR is a joint venture between Bukit Asam, PT Transpacific Railway Infrastructure (a member of Rajawali Group, owned by Peter Sondakh) and China Railway Engineering Corporation.Transpacific Infrastructure manages 80% of BATR share while Bukit Asam and China Railway Group manage respectively 10%.The project is expected to realize at the end of 2013 or early 2014, a source said.The 300 km Tanjung Enim-Lampung rail transportation project is currently under engineering design process and has obtained approval from eight municipals that will be traversed by the railway.In a press conference, yesterday, the design has been submitted to South Sumatra and Lampung regional government, the approval is expected to be obtained in the third quarter.After the approval, we will start the land acquisition.From the total US$1.8 billion investment value, 70% of it will be from China bank consortium and the remaining from internal cash.Infovesta Utama anlyst Praska Putrantyo viewed the project will give a positive impact and may increase sales volume to 25 million ton from initial target 16.7 ton.Profit rose 77%Bukit Asam booked IDR1.61 trillion net profit in the first half or 77% higher than IDR908.11 billion on the same period last year amid the hiking sales volume and coal price, Corporate Secretary Achmad Sudarto told Bisnis.The achievement is 7.33% higher than initial target at IDR1.5 trillion.Operating profit rose 88% to IDR1.97 trillion from IDR1.05 trillion. Operating margin rose 73.23% from 62.87%. The coal miner booked IDR5.12 trillion revenue or 35% bigger than IDR3.79 trillion.Average selling price of coal in the domestic market reaches IDR760,554 per ton, rose 27% from IDR601,106 per ton. Average selling price of coal in the export market rose 62% to US$98.83 per ton from US$61.15 per ton.Coal selling volume reached 6.54 million ton, 2% higher than 6.44 million ton where domestic market absorbs 66% from the total output.PT Mandiri Sekuritas stated Bukit Asam revenue and net profit achievement in the first half is in line with it estimation and analyst consensus at 45%-47%. (03/Wisnu Wijaya)(t05/msw)

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