Bumi 9-month profit doubles on sales<\/p>\n
Grace Nirang, Bloomberg\/Jakarta<\/p>\n
PT Bumi Resources, Indonesia's biggest coal exporter, doubled its
\nnine-month profit after selling more coal at higher prices.<\/p>\n
Net income in the period ended Sept. 30 rose to Rp 1.51
\ntrillion (US$149 million), or Rp 77.87 a share, in the period,
\nfrom Rp 738.9 billion, or Rp 38.08 a share, a year earlier, the
\ncompany told the Jakarta Stock Exchange on Tuesday.<\/p>\n
Indonesia is the fourth-largest coal producer in the Asia
\nPacific region, behind China, Australia and India, according to
\nestimates by BP Plc, the world's second-largest publicly traded
\noil company. About 99 percent of the coal produced in Indonesia
\nis thermal coal.<\/p>\n
Nine-month sales jumped 65 percent to Rp 11.6 trillion. Bumi
\nowns PT Kaltim Prima Coal in East Kalimantan and PT Arutmin
\nIndonesia in South Kalimantan which produce thermal coal, the
\ntype burned to produce electricity.<\/p>\n
The company's foreign-currency loss widened to Rp 99.41
\nbillion from Rp 52.32 billion a year earlier.<\/p>\n
Operating costs rose 48 percent to Rp 1.17 trillion as the
\ncompany paid higher prices for fuel. Fuel costs accounted for
\nabout 13 percent of total costs as coal mining is power-
\nintensive, and the higher costs may cut profit by as much as 10
\npercent, Finance Director Eddie Soebari said on July 11.<\/p>\n
PT Pertamina, the state oil and gas company on Monday raised
\nthe prices of industrial diesel for the sixth time this year.<\/p>\n
Bumi Resources didn't provide the volume of coal produced in
\nthe period, or the average price the fuel fetched.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bumi-9-month-profit-doubles-on-sales-1447893297",
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