Bumi Plc, London-listed parent company that controls two previous coal assets in Indonesia, reported a US$62 million in operating profit for the first half of this year on the back of higher thermal coal prices. However, the company recorded a US$308 million net loss in 1H 2011.
The net loss was contributed by loss in fair value after Bumi Plc took over majority stakes in PT Berau Coal Energy Tbk (BRAU) and PT Bumi Resources Tbk (BUMI).
Bumi Plc spent US$3 billion to acquire BRAU and BUMI. In June, Bumi Plc has revealed its intention to buy 75% stake in PT Bumi Resources Minerals Tbk (BRMS).
Nowadays, Bumi Plc controls 85% shareholding in BRAU and 29% stake in BUMI. Revenue of Bumi Plc in 1H 2011 reached US$478 million.
"I am pleased to report that we have delivered a strong performance for the first half of the year. Despite high levels of rainfall in the first quarter, a significant amount of the shortfall was made up in the second quarter. Higher volumes in the second half, coupled with record coal prices, should ensure a strong overall performance for 2011," said Bumi Plc CEO Ari Saptari Hudaya in an official statement published today.
Disclosure: No position at the stock mentioned above.
Print This Article