When coal company, Berau Coal Energy (BRAU), decided to conduct an IPO some time ago, some of observers had questioned the decision. Because regardless of the fundamentals of BRAU itself, the coal sector in Indonesia in these days is being in a state of decline. At the end of 2009, most of coal companies in Indonesia were enjoying significant increase in revenues and net income, sustained by increase in coal prices. However, in 1Q10, the income of coal companies began to decline, along with decline of volume production. And the decline was still continued in last 1H10.