PT Bumi Resources Tbk (BUMI)'s sales revenue increased by over US$1 billion or 37% to US$4 billion from US$2.92 billion during the same period in 2010.
Gross profit rises sharply by 65%, or by US$629.8 million, to over US$1.59 billion in FY11 from US$964.4 million in FY10.
As a result, operating income increased significantly by 73% to over US$1.12 billion in FY11 compared to US$651.6 million in FY10.
Moreover, income before tax in 2011 is US$598.6 million or an increase by 13% compared with only US$530.5 million in 2010.
“BUMI has made payments of US$972.3 million as tax and royalty in 2011. Our effective tax rate on our operating income this year is about 42%. However, we have recorded some gains from equity interest in BRMS and Newmont Nusa Tenggara [NNT]. Our selling price in 2011 was not only fully transparent, they were also much higher than in 2010 which underlines the company’s marketing strengths,” said BUMI’s Director for Investor Relations Dileep Srivastava.
After adjusting for minority interest, Bumi’s 2011 net income rises to US$220.5 million from US$207.1 million in FY10, or equal to an increase of 6% or US$13.4 million.
“With such a strong result in 2011 and a solid transformation for the short and medium term, we are confident to meet the company’s 3-year strategic objectives of cutting our debt significantly, increasing our production to 100 million tons in 2014 and unlocking subsidiaries’ value maximally to enhance our shareholders value,” added BUMI’s President Director Ari Hudaya.
Disclosure: No position at the stock mentioned above.
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