Bumi produces 9.19 million tons of coal in Q1

Publicly listed coal mining company PT Bumi Resources Tbk said Wednesday its gross coal production increased by 15.0 percent to 9.19 million tons in the first quarter of 2005 from 7.99 million tons in the same period last year. However, this year's quarter result was lower than planned at 10.0 million tons.

Bumi said in a statement that the production shortfalls were primarily attributable to the combination of an overland conveyor belt shutdown at PT Kaltim Prima Coal (KPC) in East Kalimantan, a delay in the arrival of heavy equipment from Bumi?s contractors major international equipment suppliers at KPC and PT Arutmin Indonesia, and a higher stripping ratio at Arutmin?s Senakin and Satui mines in South Kalimantan.

KPC?s coal products- Prima, Pinang and Melawan comprised 7.5 percent, 30.8 percent and 20.0 percent of Bumi?s consolidated gross sales volume, respectively, while Arutmin?s coal products- Senakin, Satui, Mulia (Ecocoal) and Batulicin, comprised 12.6 percent, 15.5 percent, 10.2 percent and 3.4 percent, respectively.

Bumi also reported an unaudited consolidated net income of Rp446.7 billion (US$48.0 million) in 1Q2005, or EPS of Rp23.02/share, a 416.3 percent increase compared to Rp86.5 billion (US$10.2 million) in 1Q2004, or EPS of Rp4.46/share.

The company?s net revenue (after government royalty) in 1Q2005 increased 73.0 percent to Rp3,065.7 billion (US$329.6 million), compared to Rp1,771.6 billion (US$208.6 million) in 1Q2004, mainly due to higher realized coal prices and increased sales volumes.

The company booked a 36.6 percent increase in its weighted average realized coal sales price (net royalty) to US$36.2/ton in 1Q2005, compared to US$26.5/ton in 1Q2004, and recorded a 16.0 percent increase in sales volume to 9.11mn tons of coal in 1Q2005, compared to 7.86mn tons of coal in 1Q2004. (godang)

The following table is Bumi?s coal sales volume breakdown by coal products (in million of tonnes):

	1Q2004A	1Q2005A	% change
KPC
Prima	1.312	0.685	(47.8)
Pinang	1.798	2.810	56.3
Melawan	1.497	1.813	21.1
Arutmin
Senakin	1.514	1.149	(24.1)
Satui	1.214	1.416	16.6
Batulicin	0.408	0.310	(24.0)
Mulia (Ecocoal)	0.113	0.931	723.9
Total BUMI	7.857	9.114	16.0

The following table is Bumi?s coal production breakdown by mining areas (in million tonnes):

	1Q2004A	1Q2005A	% change
KPC
Sangatta	4.673	5.674	21.4
Bengalon
Arutmin
Senakin	1.552	0.970	(37.5)
Satui	1.269	1.276	0.0
Batulicin	0.385	0.356	(7.5)
Mulia (Ecocoal)	0.113	0.920	714.2
Total BUMI	7.999	9.196	15.0

PT. Bumi Resources? Coal Production, Coal Sales and Weighted Average Coal Sales Price (FOB):

	1Q2005A			1Q2004A
	Coal Production (in million of tonnes)	Coal Sales    (in million of tonnes	Average Sales Price (FOB)  (per tonne)	Coal Production (in million of tonnes)	Coal Sales   (in million of tonnes)	Average Sales Price (FOB)  (per tonne)
BUMI	9.19	9.11	US$38.6	7.99	7.86	US$27.1
KPC	5.67	5.31	US$42.6	4.67	4.61	US$28.1
Arutmin	3.52	3.81	US$31.4	3.31	3.25	US$25.7

PT. Bumi Resources? Cash Cost and Unit Cost of Production (excluding commission and royalty) (in US$/tonne)

		1Q2004A	1Q2005A
BUMI	Cash Cost Production	US$16.7	US$17.7
	Unit Cost Production	US$18.3	US$19.1