Dec 10, 2010

Glencore & Sinarmas hold 8.5% in BUMI

Global commodity trading company Glencore International AG and PT Sinarmas Sekuritas are reported to hold nearly 8.5% stake in Indonesia's largest thermal coal exporter PT Bumi Resources Tbk (BUMI).
In an official shareholders' structure submitted to Indonesia Stock Exchange (IDX) today, Raiffeisen ZentralBank Oesterr holds 3.66% own Bumi via non-preemptive rights.
Credit Suisse International and Credit Suisse Singapore Branch hold 3.26% and 2.25% stakes respectively in Bumi.
Bumi posted a 37.02% drop in net income to US$195.61 million for the first 9 months ended September 2010 from US$310.59 million a year earlier as higher interest expenses and finance charges.
In an unaudited financial statement submitted to Indonesia Stock Exchange (IDX) today, the company's interest expenses and finance charges steeply rose 459.05% to US$448.97 million from US$80.31 million. In return, net other charges widened 181.57% to US$121.78 million from US$43.25 million.
However, at the operational line, Bumi still made a positive growths. Operating income advanced 10.61% to US$779.09 million from US$704.33 million.
But, operating margin slightly fell to 24.54% from 26.57% on the back of higher cost of goods sold by 22.69%. Revenue increased 19.62% to US$3.17 billion from US$2.65 billion. 

Disclosure: No position at the stock mentioned above. 

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