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Saturday, 02 May 09
BUMI'S FIRST-QUARTER PROFIT RISES 21% ON COAL PRICE - BLOOMBERG


PT BUMI RESOURCES, Asia’s biggest exporter of power-station coal, said first-quarter profit rose 21 percent after it earned higher prices for the fuel and as production costs fell.

Net income rose to $124.5 million from $103.3 million a year earlier, the company said in an emailed statement late yesterday. Sales advanced 14 percent to $752.9 million, it said.

Bumi’s coal selling price in the first quarter gained 30 percent to $75.4 a ton on average while production costs fell 11 percent, the Jakarta-based company said. That helped to more than offset a 1.2 million ton drop in output volume, it said.

Thermal-coal prices at Australia’s Newcastle port, the world’s largest export hub for the fuel, reached a record last year and have since declined on concern the global recession will curb energy use.

The first quarter “was again a challenging period on account of continuing unusually heavy rainfall which hampered mining activity,” Dileep Srivastava, head of investor relations, said in the statement. Still, Bumi should meet its output and sales growth target of more than 10 percent this year, he said.

Shares of Bumi rose 2.7 percent to 1,520 rupiah in Jakarta on May 1. They have risen 67 percent so far this year, compared with a 28 percent gain in the benchmark Jakarta Composite index.

Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aI9m8jUkKfe0



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