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Wednesday, 03 February 10
INDONESIA BUKIT ASAM SEES DOUBLE DIGIT 2010 REV GROWTH


* 2009 net profit rose an estimated 50 pct
* Sees opportunities for overseas acquisitions


Indonesian state-owned coal miner Bukit Asam saw 2009 net profit up around 50 percent and expects double digit revenue growth this year, president director Sukrisno said on Wednesday.

Mining firms in Indonesia, the world's largest exporter of thermal coal, are expected to benefit from improving external demand as the global economy recovers this year. "Unaudited net profit is estimated to have increased by 50 percent in 2009 from 1.7 trillion rupiah in 2008," Sukrisno told reporters. "We expect double digit revenue growth in 2010," he said.

Sukrisno also said the firm, Indonesia's third-largest listed coal miner by market value, saw opportunities for overseas acquisitions. Sukrisno told Reuters in an interview on Dec. 22 last year that the company expected its 2009 revenue to hit 9 trillion rupiah, compared to 7.2 trillion rupiah in 2008, as coal prices rose.

Indonesia's coal mining association told Reuters in January that coal prices have been rising too fast but will likely ease from April when weather becomes drier.

He also said shipments to China from Indonesia will climb this year. Bukit Asam exports about 30 percent of its output to Japan and Malaysia on long-term contracts, but also to South Korea, China and India on a spot basis.
Source: Reuters



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