PT Harum Energy Tbk (HRUM), coal miner that is controlled by Indonesian businessman Kiki Barki, reported Rp743.02 billion in net profit for the first half of this year, a 70.02% increase from Rp437.01 billion a year earlier.
The increase was a result of growth in revenue driven coal sales volume and average selling price. However, Harum's foreign exchange loss surged 2,221.76% to Rp55.49 billion from Rp2.39 billion.
Operating profit was Rp960.87 billion in 1H 2011, a 94.99% jump from Rp492.79 billion in 1H 2010. Gross profit also rose 83% to Rp1.22 trillion from Rp669.01 billion. Harum posted Rp2.98 trillion in revenue, increased 42.58% from Rp2.09 trillion.
Disclosure: No position at the stock mentioned above.
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