Bumi: Q1 coal output slightly lower than target, but higher revenue
Tuesday, April 4 2017 - 10:47 AM WIB
By Cepi Setiadi
Petromindo|Lucky
IDX-listed coal giant PT Bumi Resources Tbk said that coal production in the first quarter of 2017 was slightly below the target of 22-23 million tons.
Dileep Srivastava, Director at Bumi Resources told Petromindo.com on Tuesday that the lower first quarter coal output was due to bad weather condition during the period.
?The coal output was around 21 million tons or so, the first quarter is traditionally a wet season, shipment pace picks up in later quarters,? he said.
Dileep, however, said that the 2017 first quarter revenue is expected to be quite higher compared to the same quarter of last year. ?The number is not in yet, but I think around US$1.2 billion to US$ 1.3 billion on full basis,? he said.
Dileep revealed that in the first quarter of last year, the company produced 21.4 million tons coal with selling price at $39.9 per ton, providing revenue of around $853 million.
Editing by Reiner Simanjuntak