Bumi Resources sells 15.9 million tons in first quarter

By Hiski Darmayana

IDX-listed PT Bumi Resources Tbk recently stated it has sold about 15.9 million tons of coal throughout the first quarter of this year, 30 percent of it produced by KPC and Arutmin, to Tata Power.

?The volume is up from last-year's record of 13.9 million tons,? said company director Dileep Srivasta in Jakarta, adding that the company's revenue went up 18.6% to US$ 1.01 billion from US$ 849.9 billion compared to last year's first quarter.

Rising average selling prices, around 5.8 percent higher from last year's period to US$92.8 per ton, was said to be one of the main reasons.

?Up to 80 percent of the planned coal output this year has been sold under long term contracts at prices above US$85 per ton FOB (free on board),? said Dileep without giving out the details.

Bumi expects to produce up to 75 million tons until the end of this year.

Editing by Er Audy Zandri