Bumi's 2007 net profit soars on higher price and stake sale

IDX-listed mining house PT Bumi Resources Tbk said its net profit soared to $789 million last year from $222.3 million in 2006, thanks to high coal prices and a one-time gain from the sale of a stake in its mines.

The company's sales rose to $2.265 billion in 2007 from $1.851 billion in the previous year.

Bumi has two coal mining subsidiaries, PT Arutmin Indonesia (AI) in South Kalimantan and PT Kaltim Prima Coal (KPC) in East Kalimantan, which plan to sell a combined 57 million tons this year.

Bumi sold 30 percent of its stakes in AI and KPC to Indian giant Tata Group for US$1.1 billion last year.(denny)