Bumi Reports 50% Drop in Net Profit

7 April 2010 (Last Updated April 7th, 2010 18:30)

Indonesia’s largest coal producer Bumi Resources said its net profit for 2009 dropped almost 50% due to one-off costs related to mine stripping expenses. Bumi posted a net profit of $190.45m for 2009, compared to $371.69m a year earlier, according to Reuters. The company recor

Indonesia’s largest coal producer Bumi Resources said its net profit for 2009 dropped almost 50% due to one-off costs related to mine stripping expenses.

Bumi posted a net profit of $190.45m for 2009, compared to $371.69m a year earlier, according to Reuters.

The company recorded a $275m charge on deferred stripping expenses.

Bumi said its revenue decreased to $3.22bn in 2009 from $3.38bn in 2008 after a fall in its average coal selling price in 2009 to $62 a ton from $73 a ton in 2008.

According to Reuters' estimates, the company suffered a net loss of $169.77m in the fourth quarter of 2009.