Coal Miner Bumi Posts Q1 Net Loss on Forex and Derivatives-Shanghai Metals Market

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Coal Miner Bumi Posts Q1 Net Loss on Forex and Derivatives

Industry News 10:13:37AM Jul 05, 2012 Source:SMM

JAKARTA, July 4 (Reuters) - Bumi Resources, Asia's biggest thermal coal exporter, posted a net loss of $100.4 million in the first-quarter of 2012 due to global uncertainty and the weakening rupiah, the company said on Wednesday.

Bumi, controlled by the politically-connected Bakrie family and part-owned by financier Nathaniel Rothschild, said the worse-than-expected euro zone debt crisis caused the rupiah's weakening and the decline in its share price, which has led to losses in derivative assets and foreign exchange.

The company posted a restated $108.2 million net profit in the first quarter of 2011.

First-quarter revenue grew 19 percent to $1 billion, compared with restated revenue of $849.9 million in the same period a year ago, the company said in a statement.

Analysts forecast Bumi's 2012 net profit at $395 million, according to Thomson Reuters I/B/E/S.

Bumi expects to produce 75 million tonnes of coal this year with an expected average selling coal price of $85 per tonne, the company said.

Shares in Bumi gained more than 8 percent in the first quarter of 2012 to outperform the Jakarta index, which is up around 0.4 percent in the same period.

 

Key Words:  coal exporter  Bumi Resources 

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Coal Miner Bumi Posts Q1 Net Loss on Forex and Derivatives

Industry News 10:13:37AM Jul 05, 2012 Source:SMM

JAKARTA, July 4 (Reuters) - Bumi Resources, Asia's biggest thermal coal exporter, posted a net loss of $100.4 million in the first-quarter of 2012 due to global uncertainty and the weakening rupiah, the company said on Wednesday.

Bumi, controlled by the politically-connected Bakrie family and part-owned by financier Nathaniel Rothschild, said the worse-than-expected euro zone debt crisis caused the rupiah's weakening and the decline in its share price, which has led to losses in derivative assets and foreign exchange.

The company posted a restated $108.2 million net profit in the first quarter of 2011.

First-quarter revenue grew 19 percent to $1 billion, compared with restated revenue of $849.9 million in the same period a year ago, the company said in a statement.

Analysts forecast Bumi's 2012 net profit at $395 million, according to Thomson Reuters I/B/E/S.

Bumi expects to produce 75 million tonnes of coal this year with an expected average selling coal price of $85 per tonne, the company said.

Shares in Bumi gained more than 8 percent in the first quarter of 2012 to outperform the Jakarta index, which is up around 0.4 percent in the same period.

 

Key Words:  coal exporter  Bumi Resources