PT Bumi Resources Tbk (BUMI), Indonesia's largest coal exporter that is 25% owned by London-listed Vallar Plc, reported a16.49% increase in net profit for the first quarter of this year on the back of higher revenue.
Bumi posted US$113 million net profit in 1Q 2011 from US$97 million net profit a year earlier.
The company booked US$1.23 billion sales revenue, a 21% growth from US$1.02 billion. Average selling price rose 39.65% to US$87.63 per ton from US$62.75 per ton. Bumi's operating income increased 44.29% to US$316 million from US$219 million.
Disclosure: No position at the stock mentioned above.
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