Bumi records 20.6% increase in Q109 net income

Indonesia?s top coal mining firm PT.Bumi Resources reported on Friday that its first quarter 2009 net income after increased by 20.6 percent to US$124.5 million compared to the same quarter last year due to increased coal price and reduction in production costs.

The company reported that net sales revenue increased by 13.5 percent to $753 million.

The company did not give production figure for the quarter.

Average FOB coal selling price for the quarter increased by 30.1 percent to $75.4/ tonne, while production cash costs declined by 10.6 percent to $27.46/ tonne, it said.

The company said said 80 percent of the planned 2009 output had been contracted with new export markets have opened up, notably China.

?Achievable FOB price in FY09 would be indicated next month when the Asian contract settlements are completed ? no change to present view ie mid $60?s/tonne,? it said, adding that the company is on track to meet 10 percent increase in production this year compared to last year?s production of 52.8 million tonnes.

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