Bumi Q3 profit jumps by 76%

JAKARTA: Mining company PT Bumi Resources' net profit surged by 76 percent to Rp 64.8 billion (US$7.6 million) in the first nine- months of this year from Rp 36.7 billion in the same period last year on higher sales.

In a report to the Jakarta Stock Exchange on Tuesday, the company said that its sales during the nine-month period increased to Rp 1.99 trillion from Rp 1.83 trillion.

But the company's cost of sales also increased to Rp 1.55 trillion from Rp 1.17 trillion, cutting back its profit.

Bumi, a relatively small mining company, made headlines in local media about four months ago after acquiring the entire stakes in giant coal mining company PT Kaltim Prima Coal (KPC) of Anglo-Australian mining giant Rio Tinto and Anglo-American energy giant BP PLC for US$500 million.

The purchase surprised many in the country, including top officials in the central government and East Kalimantan administration. -- JP