Bumi estimates H1 net income at $302m

IDX-listed coal miner PT Bumi Resources Tbk estimates its net profit rose by 150 percent to US$302 million in the first half of the year thanks to the higher productivity and the rise in coal price.

The first half financial performance ?is at its strongest point ever,? company spokesperson Dileep Srivastava said in a statement sent to Petromindo.com on Thursday.

Net income (on 100 % basis) for the January-June period increased by 150 % to $436.8 million compared with $174.7 million in the year-ago period. Net income (after minority adjustment) increased by 74.3% to $301.8 million compared with $173.1 million.

Net income (on 100% basis) for the April-June period increased by 202.1 % compared with $94.3 million in the year-ago period. Net income (after minority adjustment) increased by 113.7 % to $198.5 million compared with $92.9 million.

?There was no extraordinary gain recorded in H1 2008, unlike H107 where a one off, non recurring gain of $547 million was recorded from the Tata Power transaction,? Dileep said.

Sales revenue in the first half of the year increased by 29.6% to $1,493.5 million compared with $1,152.8 million in the year-ago period. Sales revenue in the second quarter of the year rose by 44.4 percent to $829.9 million compared with $574.9 million.

Between January and June this year, the firm?s average FOB realized price rose by 54 % to $64.9 per ton compared with $42 per ton in the year-ago period. In the April-June period , the average FOB realized price is $71.6 per ton, up by 69 % from $42.3 per ton in the second quarter of last year.

Coal mined is 1.2 million tons or 5.1 % higher at 25.7 million tons in the first half of the year compared with 24.5 million tons in the year ago period. Coal conveyed in the period is 25.8 million tons or 1.2 million tons lower compared with 27 million tons (including about 4 million tons from inventory) in the first half of 2007.

?With the arrival of new mobile equipment on site, prospects of drier weather in H208 leading to expected higher productivity we hope to end FY 2008 at a sales volume of 60 million tons (compared with our original guidance of 61 million tons) -- an increase of 8.4% in FY 2008 compared with sales volume of 55 million tons in FY 2008,? Dileep said. (Denny)