Bumi?s 9-mo earnings soar 526% on gain from investment sale

JSX-listed coal miner PT.Bumi Resources Tbk. reported on Thursday that its 9-month net income soared by 526% to US$800 million, or $43.59 per 1,000 shares due to $553 million gain from the company?s divestment.

The company reported that 9-month sales rose to $1.645 billion from $1.34 billion in the previous year?s same period, while production costs increased to $1.1 billion from $927 million.

The company?s sales expenses, however, soared to $219 million from $121 million.

Bumi operates Kalimantan coal miners PT.Arutmin Indonesia (AI) and PT. Kaltim Prima Coal (KPC) with planned combined sales of 57 million tonnes this year.

Earlier this year, Bumi completed sale of 30 percent of its stakes in AI and KPC to Indian giant Tata Group for US$1.1 billion.(alex)