Apr 1, 2011

Bumi eyeing US$5.2 bio revenue in 2011

Indonesia's largest thermal coal exporter PT Bumi Resources Tbk (BUMI) is eyeing a 13.5% increase in revenue this year to US$5.2 billion, higher than US$4.4 billion last year.
“For this year, we target to produce 66 million tons coal, higher than 60 million tons in 2010,” said Bumi Director Dileep Srivastava, as quoted by Bisnis.com today.
With the assumption coal price could reach US$77 per ton-US$80 per ton, management believes they could pocket US$5.2 billion revenue in 2011.
“We predict our revenue to increase 13.5% this year or US$5.2 billion higher than US$4.4 billion in 2010.”
Current condition where politic turmoil occurs in number of oil producer countries makes coal price rise.
In the same occasion, BUMI expressed their intention to settle their US$600 million loan to China Investment Corporation (CIC) in October 2011.
In 2009, BUMI also obtained a loan from CIC’s subsidiary, Country Forest Limited, in the amount of US$1.9 billion. 

Disclosure: No position at the stock mentioned above.

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