Bumi posts $40.7 million net profit during second semester

Thanks to its recently signed sale agreements, publicly-listed PT Bumi Resources Tbk has posted unaudited net profit of US$40.7 million during the first semester of 2004, the Bisnis Indonesia newspaper reported in its Wednesday edition.

?We are optimistic that our net profit will reach $137.4 million by end of this year,? Bumi?s commissioner Nalinikant Rathode said during a meeting of analysts in Jakarta on Tuesday.

Bumi, according to Rathode, has signed sale agreements that reached 94 percent of the production target of 40 million metric tons by July 15, 2004. He is optimistic that Bumi will get the contract for the remaining 6 percent of the production.

The projected Bumi?s net profit during the third quarter will be $41.2 million and the last quarter will be $55.5 million.

The total projected sales figure during the second semester will be $760.4 million with EBITDA (earning before interest, tax, depreciation and amortization) reaching $251.2 million and the total sales will reach $1.24 billion by end of this year. (*)