Bumi Resources H1 net profit soars

Indonesia?s top coal producer PT.Bumi Resources Tbk. reported on Wednesday that first half net profit after tax soared more than 800 percent to US$721 million or $37.20 per 1,000 shares from just $90 million last year.

The company?s sales rose to $1.152 billion to from $865 million last year while gross profit increased to $378 million from $235 million.

The company?s steep net profit was boosted by $547 million income that was posted as ?gain from sale of investment?, apparently referring to gain it made from the recent sale of 30 shares of its subsidiaries PT. Arutmin Indonesia and PT. Kaltim Prima Coal to Indian firm Tata.

Bumi Resources VP Investor Relations Dileep Srivastava.said in July 1 that Bumi sold 28.5 million tonnes of coal in the first half of the year, or 23.37 percent increase compared to last year.

He said the average price of coal in the first half was about $42 per tonne, compared to $40.40 per tonne a year before.

The company is targeting to produce 598 million tonnes of coal this year. (alex)