Bumi Resources books net profit of Rp79 billion in Q1

Publicly listed energy company PT Bumi Resources Tbk said on Monday it had booked net income of Rp79 billion (US$=Rp8,710) in the first quarter of 2002, compared with Rp67 billion in the same period of last year.

The company?s revenues in the first quarter of this year totaled Rp783 billion, up from the Rp450 billion in the corresponding period of 2001, Bumi finance director Eddie J. Soebari said in a public expose meeting in Jakarta.

Eddie said 90 percent of the Rp783 billion came from Bumi?s coal mining unit PT Arutmin Indonesia.

He said further South Kalimantan-based Arutmin Indonesia had planned to issue rupiah bonds equivalent to $75 million in August in order to finance its expansion projects.

To be expanded will be North Senakin and Batulicin mining projects in South Kalimantan, which together require $95 million, he said.

Bumi, currently owning an 80 percent shareholding in Arutmin, is in the process of purchasing from PT Ekakarsa Yasakara the remaining 20 percent shares at $35 million, Eddie said.

Bumi bought the 80 percent stake in Arutmin last year. (godang)