Bumi?s Q1 profit soars on higher prices, production

Indonesian coal-mining house PT Bumi Resources Tbk reported on Friday that its first quarter 2008 net income after 30 percent minority adjustment increased by 29 percent to US$103.3 million thanks to higher coal prices and slightly higher production.

Net Income on 100 percent basis increased 89 percent to a record $151.9 million compared with $80.4 million in the same period last year.

The company?s gross revenue increased by 18% to $750.4 million compared with $637.2 million in the same period last year.

Average FOB price increased 39% to $57.95/ton compared with $41.69/ton last year.

Coal mined increased 3% to 12.8 million tons in spite of challenging weather conditions, the company said.

The company is planning to produce 64 million tons this yearcompared with 54.2 million tons last year and to sell 61million tons of coal compared with 55.4 million tons last year.

Bumi has 100 percent stake in South Kalimantan coal miner PT.Arutmin Indonesia and East Kalimantan miner PT.Kaltim Prima Coal (KPC). (alex/denny)

SUMMARY OF OPERATING PERFORMANCE
Financial 1Q 2008
?	1Q 2008	1Q 2007	Change %
Coal Conveyed (MT)*	12.5	13.9	-9.5%
Coal Sales (MT)*	12.5	14.5	-13.5%
Strip Ratio	9.3	8.8	-5.2%
Production Cash Costs ($/ton mined)	30.7	23.3	-32.0%
Average FOB Price ($/ton)	57.95	41.69	+39.0%
* includes government entitlement of 13.5%