Indonesia's Bumi Resources Posts Over 300% Net Loss
Janeman Latul | April 02, 2013
Bumi Resources' coal mine in East Kalimantan. The Indonesian company is the biggest producer of coal in the country. (Photo Courtesy of Bumi Resources) Indonesia's Bumi Resources, Asia's biggest thermal coal exporter, posted an increase of more than 300 percent in net losses for the fourth quarter on derivatives transactions and higher interest payments.
Net loss was $34.21 million, compared with an $8.3 million net loss in the same period a year earlier, according to Reuters calculations based on published full-year and nine month results.
Bumi, the leading Indonesian miner and the world's biggest exporter of thermal coal, posted 2012 net losses of $666.21 million, compared with a restated net profit of $216.29 million in the previous year.
Its full year derivatives losses were $344.86 million versus a profit of $66.06 million in 2011, according to its financial report.
The Jakarta-based miner's 2012 revenues were $3.8 billion, compared with a $4.0 billion a year earlier.
Bumi, with a market capitalization of $1.5 billion, is controlled by the Bakrie Group, which joined forces with the Rothschild banking dynasty to list Indonesian coal assets in London via Bumi Plc.
Reuters
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