December 03, 2008

PT Bumi 2007 net profit soars by 255% YoY

Indonesia's largest coal miner, PT Bumi Resources Tbk reported a sharp 255% YoY increase in net income in 2007 of USD 789 million as compared with USD 222 million in 2006. Its Operating parameters sharply improved reflecting all round enhanced performance efficiencies demonstrated by Bumi. Sales revenue rose by 22% YoY to USD 2,265 million in 2007 as compared with USD 1,851 million in 2006.

Average FOB price increased by 8% YoY to USD 44 per ton in 2007 compared with USD 40.8 per ton in the previous year. Notably, sales volume rose by 11% to a record 55.4 million tonnes in 2007 as compared with 50 million tonnes in 2006. EBITDA increased by 20.6% to a record USD 480 million in 2007 compared with USD 398 million in 2006 reflecting increasing liquidity.

Mr Ari Hudaya president director of PT Bumi Resources Tbk said that "We are proud of our outstanding performance in 2007 in spite of heavy unseasonal rainfall. Not only was Bumi able to achieve an increase of 11% in sales volume but we continued uninterrupted shipments to our global clientele when many producers declared force majeures and reneged on contracts. Bumi preserved its unblemished record of being the world's most reliable thermal coal supplier.”

He added that "we successfully concluded the 30% sale of our coal assets to Tata Power Company during the year and we are almost debt free saving annualised interest of over USD 100 million.”