Nov 22, 2011

Bumi 9M attributable profit up 17.04%

Indonesia's largest coal exporter PT Bumi Resources Tbk (BUMI) reported a 17.04% increase in attributable profit by end of September this year, as a result of coal production and sales volume.
In the financial statement filed to Indonesia Stock Exchange (IDX) last night, Bumi posted US$228.83 million attributable profit in 9M 2011 from US$195.52 million in 9M 2010. Net profit slightly increased 3.90% to US$241.89 million from US$232.81 million.
Bumi Resources, a subsidiary of London-based company Bumi Plc, booked a 49.67% increase in operating profit to US$839.82 million from US$561.12 million. Gross profit rose 45.43% to US$1.16 billion from US$796.23 million.
The company booked US$2.86 billion revenue, a 34.27% increase from US$2.13 billion.
Operating performanceBumi reported a 47 million tons in coal production in 9M 2011, a 10% increase from 43.8 million tons. Coal sales volume reached 45.6 million tons, a 2% increase from 44.7 million tons.
Average selling price rose 33.1% to US$92.2 per ton from US$69.3 per ton. In 2011, Bumi is targeting 66 million tons of coal production with price of US$83 per ton.
The company expects an exeed production of 100 million tons at KPC and Arutmin in 2012 and 2013. The expansion project is on the track for commissioning. The second overland conveyor (capacity of 32 metric tons per annum) is expected to be commissioned in 1Q 2012.
Disclosure: No position at the stock mentioned above.

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