Harum 2010 net profit increase

Indonesia-listed coal group firm PT Harum Energy reported that its audited 2010 net profit increased to Rp 823.94 billion (US$ = Rp 8,722) from Rp 767.64 billion in the previous year despite lower revenue.

Harum said in a filing to the Indonesia Stock Exchange on Thursday that its total revenue was down from Rp 4.60 trillion to Rp 4.49 trillion due to higher interest expense and financial charges and also lower foreign exchange gain and bank interest .

Harum has three East Kalimantan coal production mines. The company is expected to produce 10.5-10.7 million tonnes of coal in 2011, higher than its production of 7.4 million tonnes last year.

PT Mahakam Sumber Jaya (MSJ) is expected to produce 7.5 million tonnes, up from 5.3 million tonnes in 2010, PT Santan Batubara is targeted to produce 2.5 million tonnes, higher than last year?s production of 2.1 million tonnes and PT Tambang Batubara Harum (TBH), which is scheduled to start commercial production in third quarter of this year, will produce around 500,000-750,000 tonnes.

Harum also hopes to raise average selling price to US$80 (FOB) per tonne from last year?s realized average price of $75 per tonne.

Harum Energy produced 5.8 million tonnes of coal in 2009. (denny)