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Wednesday, 06 January 10
BUMI SHARES UP AS OVERALL PERFORMANCE BEATS PREDICTIONS


The world’s largest thermal coal exporter PT Bumi Resources saw its shares jump 10 percent to Rp 2,675 ($29 US cents) on Tuesday after the company reported a first-nine month’s performance  beating analysts’ predictions.

But despite improved performance up to the end of September the firm’s net profits fell by 26.5 percent to $360.22 million down from $490 million in the same period of 2008, due to lower coal prices and higher taxes.

Bumi corporate secretary Dileep Srivastava said the firms “better than estimated” performance was helped by record production and sales volume in the third quarter.

Coal output rose 48 percent to 17.5 million metric tons in the third quarter and sales volume climbed 24 percent to 15.5 million tons.

“2008 profit was higher because of  tax credits earned in the first half of the year, and one-off atypical market buoyancy,“ Dileep said.

But Bumi’s income tax expenses jumped by 24 times to more than $173 million from last year’s $6.9 million, while its revenues fell by 4 percent to $2.3 billion from $2.4 billion posted a year earlier. To read more  The Jakarta Post



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