Indonesia's Bumi Resources 2007 net profit triples, but below expectations
JAKARTA (Thomson Financial) - Indonesia's biggest coal company, PT Bumi
Resources Tbk, said on Tuesday its net profit more than tripled in 2007, aided
by stronger revenue and gain from asset sales.
Bumi reported net profit of $789 million last year against $222.42 million in
2006. But the figure was lower than market expectations. Seven analysts polled
by Thomson Financial News had forecast profit of betwen $815 million and $1.01
billion.
Bumi said operating profit jumped 24 percent to $406.33 million as revenue grew
22.3 percent to $2.27 billion.
The results also include a one-off gain of $471.61 million from asset sales.
In April 2007, Bumi sold a 30 percent stake in its 95-percent-owned subsidiary
PT Kaltim Prima Coal, as well as a 30 percent interest in wholly-owned unit PT
Arutmin Indonesia to Tata Power Ltd of India for $1.1 billion.
Analysts have said that they expect Bumi's net profit to fall this year if it
does not record any big one-off gain as it did last year.
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