Nov 20, 2011

Bumi Minerals 9M profit drops 38.88%

PT Bumi Resources Minerals Tbk (BRMS), a non-coal miner that is owned by PT Bumi Resources Tbk (BUMI), suffered a 38.88% drop in net profit by end of September this year. The drop was mainly contributed by a profit decrease of the gold miner PT Newmont Nusa Tenggara (NNT).
Bumi Minerals posted Rp600.11 billion net profit in 9M 2011 from Rp981.92 billion in 9M 2010. Equity in net income of associated company contributed Rp921.07 billion from Rp1.72 trillion. Bumi Minerals also posted a Rp78.32 billion on unrealized loss on fair value changes.
Bumi Minerals President Director Ken Farrell, in a press statement, said the profit drop of NNT was in line a production decrease both in copper and gold above 40%."The decrease is temporary and we have anticipated it. We expect NNT could steeply jack up production early 2013," he said. 
Operating profit slightly decreased 6.39% to Rp52.71 billion from Rp56.31 billion. Revenue increased 20.47% to Rp127.61 billion from Rp105.93 billion.

Disclosure: No position at the stock mentioned above.

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