Bukit Asam Q4 net income triples

Fri, 01 Apr 2005 | Source: AP

JAKARTA: PT Tambang Batubara Bukit Asam, a state-controlled Indonesian coal miner, almost tripled net income in the fourth quarter because of higher demand for thermal coal burned to produce electricity.

Net income rose to Rp 151.93 billion (US$16 million) in the three months ended Dec. 31, from Rp 53.75 billion a year earlier, according to figures derived from full-year earnings published today by the Tanjung Enim, South Sumatra-based company.

Indonesia's thermal coal exports rose 15 percent last year as rival China limited supplies, leading utilities to seek fuel from other producing nations and sending prices to a record. -- Bloomberg

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