TBBA to give 50% of profit as dividends

JAKARTA: State coal mining company PT Tambang Batubara Bukit Asam will distribute Rp 209.9 billion (US$21.84 million) in dividends, or 50 percent of its profit in 2004, the company's annual general shareholders meeting decided on Tuesday.

Bukit Asam would pay dividends of Rp 85.7 per share, equal to Rp 197.5 billion in total, in addition to an interim dividend of Rp 5.8 per share distributed in December last year, the company said in a statement.

The shareholders meeting also decided to retain Rp 201.5 billion of last year's profit to finance expansion and reserves.

At present, the government controls 65 percent of shares in Bukit Asam -- which mines about one-tenth of the country's coal output -- and the public the rest. -- JP