Bumi 2009 net profit down by 49%, coal output increase

Indonesia?s top coal mining firm PT.Bumi Resources reported that its 2009 net income fell to US$190.5 million from $371.7 million after posting a $275 million charge on deferred stripping expenses.

Without the charge, net income would have been $448 million, the company said in statement last week.

Realized coal output in 2009 reached 63.12 million tons (Mt), increasing by 19.5 percent from the previous year?s of 52.81 Mt. Sales volume also rose to 58.39 Mt from 51.51 Mt in 2008, it said.

Average FOB coal selling price for 2009 is lower by 13.9 percent to $63.14 per ton from 73.34 per ton in 2008, while production cash costs declined to $28.32 per ton from $33.11 per ton, it added.

The company operates two giant coal mines in Kalimantan namely PT.Arutmin Indonesia and PT.Kaltim Prima Coal. (*)