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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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Recent News

Saturday, 02 January 10
INDONESIAS COAL OUTPUT RISES BY 5%
Indonesia, Asia’s largest coal exporter, produced 254 million tons of coal in 2009, a 5.8 percent increase from 2008 and well ahead of the gov ...


Saturday, 02 January 10
TAIPOWER FORECASTS COAL DEMAND TO SNAP DECLINE
Taiwan Power Co., Asia's biggest importer of thermal coal, expects its demand for the fuel to rise in 2010 after falling for two years as the islan ...


Friday, 01 January 10
COAL INDIA TO START IMPORTING DIRECTLY
According to sources, the coal major has already finalised tender document to import four million tonnes thermal grade coal for supplies to NTPC. Th ...


Thursday, 31 December 09
INDONESIA SEES 2010 MINING INVESTMENT UP 39 PCT
Reuters reported that, Indonesian mining investment is expected to hit $2.5 billion next year, up from $1.81 billion in 2009, supported by greater c ...


Thursday, 31 December 09
YANDICOOGINA BECOMES FIRST MINE IN AUSTRALIA TO PRODUCE 50 MILLION TONNES A YEAR
COALspot.com Press Release: Rio Tinto's Yandicoogina, Australia's largest-producing iron ore mine, has broken the 50 million tonne mark for annual ...


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