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Bumi Resources net profit surges fourfold in Q1, coal sales flat

JAKARTA ( – PT Bumi Resources Tbk (IDX:BUMI), the country’s largest coal producer reported net income after non-controlling interest of US$88.05 million in the first quarter, increased fourfold from US$22.48 million in the same quarter in previous year, driven by higher coal sales price.

The company posted operating income of US$227.3 million, jumped from US$2.8 million in the same quarter last year, while, consolidated net income increased by 230.8% to $134.3 million from US$40.6 million.

The average coal sales price of the company in the quarter rose 35% to US$53.9 per ton from US$39.9 per ton, it said.

Earnings per share (EPS) increases four fold to Rp32 from Rp8 a year earlier.

Bumi’s coal mined was flat in the quarter at 20.2 million tons compared to the same quarter last year 20.2, due unusually heavy rainfall. Coal sales was also relatively flat at 21.0 million tons in in the first quarter compared with 21.4 million tons in the same quarter last year.

Combined Strip Ratio reduced by 1.9% to 7.1 in the first quarter compared with 7.2 in the same quarter last year.

Bumi Resources owns 51% stake in KPC and 70% stake in Arutmin, two largest contributors to the company’s coal production. (*)

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