Bumi?s Q1 net profit triples on higher coal prices

Publicly-listed mining company PT Bumi Resources has said that profit in the first quarter of the year tripled as the company sold more of the coal at higher prices.

 

Net income in the three months ended March 31 jumped to $80.2 million from $24.7 million a year earlier, the company said in an e-mailed statement today. Net sales climbed 36 percent to $578 million.

 

Bumi said in April 4, that it raised sales by 26 percent to 14.5 million tons in the first quarter of the year.

 

Earlier, Bumi said it will boost its coal output to around 60 million metric tons this year from 53.5 million tons in 2006 as it generated large fresh funds from the sale of some stake in its East Kalimantan-based coal mines to Indian firm Tata Power Co. (*)