Indonesia's largest coal exporter PT Bumi Resources Tbk (BUMI) reported a 8.76% increase in attributable profit for the first half of this year as higher average selling price.
BUMI booked US$274.37 million attributable profit in 1H 2011 from US$252.26 million in 1H 2010. Referring to the 1H 2011 profit, it counted 88.22% of BUMI's full year profit last year of US$311 million.
BUMI's ASP rose 36.07% to US$91.3 per ton from US$67.1 per ton. The company's coal sales slightly fell 5.48% to 29.3 million tons from 31 million tons, while production abated 2.29% to 29.9 million tons from 30.6 million tons.
BUMI's operating profit rose 42.06% to US$548.74 million from US$386.26 million, sending a higher margin to 30.61% from 26.81%. Revenue increased 24.31% to US$1.79 billion from US$1.44 billion.
Disclosure: No position at the stock mentioned above.
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