PT Bumi Resources Tbk (BUMI), Indonesia largest coal mine producer, recorded a lower September net profit of around 26% (year on year) due to a higher tax. Bumi, darling subsidiary of Bakrie Group which run by Aburizal Bakrie and family, posted US$360 million of net profit in September this year compared to last year of US$490.15 million.
A source said the company made quarter to quarter better financial performance. In comparison with second quarter this year, Bumi's net profit went up 43% or US$109 million from US$251.90 milion per June to US$360 million at the end of September.
During second quarter 2009, Bumi made a steep jump of net profit by 102% or US$127.36 to US$251,90 million from previous quarter of US$124.54 million.
Bumi is now in talks with Chinese fund company Chinese Investment Corporation (CIC) for a possible debt swap.
Under the Capital Market Supervisory Agency revised rule, Bumi is planning to issue 10% of new shares or 1.94 billion of shares, allowing CIC to convert its debt facility into those shares. Bumi is considering to swap CIC's loan into shares at the level price of Rp2,700-Rp2,800. In return, the company's debt exposure will go down of Rp5,43 trillion.
Bumi has delayed extraordinary general meeting which was scheduled on January 7. Still, it is in negotiation with potential strategic investors.
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