Jan 21, 2011

Bumi 2010 net profit may rise 50%

Indonesia's largest thermal coal exporter, PT Bumi Resources's Tbk (BUMI) profit may have risen about 50% last year as the company, Indonesia's biggest coal producer, sold more coal at higher prices, said Dileep Srivastava, a Director.
Bumi posted US$190.4 million in net income in 2009, Srivastava said in an e-mailed response to query, without providing last year's figure. 
The unit of PT Bakrie & Brothers sold a "little over" 60 million metric tons last year at an average US$70 a ton compared with 58 million tons at US$63 a ton in 2009, Srivastava said.
Flooding in Australia, the world's biggest coal exporter, drove Newcastle prices to the highest this month in more than two years.
Power station coal price from Newcastle, an Asian benchmark, rose for a seventh week, climbing to US$138.50 a ton on Jan. 14, the highest since September 2008, according to data from Petersfield, England-based IHS McCloskey.
"Assuming reasonable weather conditions, unlike the second half of 2010, Bumi thinks it should be able to increase sales by 10% and price by at least 10% as well," he said.
A local media reported earlier today that Bumi's revenue may have increased 50% this year. Bumi shares fell 1.6% to IDR3,000 rupiah.
The stock has risen 73% in the past 6 months, outpacing a 12% gain in the benchmark Jakarta Composite index. 

Disclosure: No position at the stock mentioned above.  

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