Indonesian International MNC Bumi Resources On The Move
Net Profit of Bumi Resources IncreasesWednesday, 01 August, 2007 | 16:28 WIB
TEMPO Interactive, Jakarta: PT Bumi Resources Tbk., the largest coal mining company in Indonesia, recorded a net profit of Rp721.9 billion (US$79.28 million) in the first half of 2007―an increase compared to last year's Rp90.4 billion.
The increase in the company's profit was because of the proceeds of the sale of shares in its two mines to the Indian company Tata Power Co.
Bumi has approved the sale of the shares in its two mines, PT Kaltim Prima Coal and PT Arutmin Indonesia, to the Indian state-owned company amounting to US$1.3 billion.
The company that the Bakrie family controls―with market capitalization of US$5.7 billion―recorded proceeds of Rp547.2 billion from the offering to Tata Power.
The company's net profit leapt by 93.2 percent.
A representative of Bumi has stated that 28.4 million tons of coals were sold in the first period, whereas last year it was only 23.1 million tons.
This year's sales target amounts to 58 million tons.
The increase of coal sold during the first half has triggered a revenue increase of Rp1.15 trillion.
Operating income increased 36 percent to Rp211.8 billion.
