Indonesia's Bumi Resources Full-Year Profit Rises<\/p>\n
Bloomberg\/Jakarta<\/p>\n
PT Bumi Resources, Indonesia's biggest coal exporter, said net
\nincome last year surged tenfold from the year-earlier period,
\nhelped by an increase in production and higher coal prices.<\/p>\n
Net income for the year ended Dec. 31 jumped to Rp 1.21
\ntrillion rupiah (US$125 million), or Rp 62 a share, from Rp 107.6
\nbillion, or Rp 5.54 a share, the company said in an e- mailed
\nstatement today. Sales increased to Rp 9.81 trillion from Rp 3.86
\ntrillion, the statement said.<\/p>\n
Coal prices soared to records last year as China's economy
\nexpanded 9.5 percent, the most in eight years, prompting a surge
\nin power demand. Bottlenecks on the country's over-stretched
\nrailway network delayed coal deliveries, pushing prices up
\nfurther.<\/p>\n
Coal prices may rise to records this year as port and rail
\ndisruptions limit exports and costs of alternative fuels soar,
\naccording to a Bloomberg survey in December.<\/p>\n
Annual contract prices for thermal coal from Australia, the
\nworld's biggest exporter of the fuel burned in power plants, will
\nclimb to $52 a metric ton from about $45 this year, based on the
\nmedian estimate of nine analysts. Contracts between Australian
\nproducers and Japanese utilities, due to take effect on April 1,
\nare benchmarks for other markets.<\/p>\n
Indonesia is the fourth-largest coal producer in the Asia
\nPacific region, behind China, Australia and India, according to
\nBP Plc estimates. About 99 percent of the coal produced in
\nIndonesia is thermal, used mostly in power plants.<\/p>\n
Indonesia's exports of thermal coal rose 15 percent last year
\nas rival China limited supplies, leading utilities to seek
\nalternative suppliers and sending prices to a record. The nation
\nproduced 127 million metric tons of coal last year.<\/p>\n
The globalCOAL NEWC Index of coal delivered from Australia's
\nNewcastle port, the world's biggest coal-export port, jumped 33
\npercent last year to $53.48 a metric ton at the end of December.<\/p>",
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