Dileep Srivastava News
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PT Bumi Resources, Indonesia’s biggest coal producer, swung to a wider-than-expected net loss last year as lower coal prices hurt sales and non-operating costs jumped on derivate transactions.
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PT Bumi Resources , Indonesia’s biggest coal producer, posted a 37 percent decline in nine-month profit from a year earlier as finance costs surged.
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PT Bumi Resources, Indonesia ‘s biggest coal producer, plans to increase sales to Japan by 17 percent this year, according to an official at the company.
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PT Bumi Resources rose the most in more than nine years in Jakarta trading on optimism next week’s shareholder meeting of Bumi Plc, its largest shareholder, will resolve an ownership dispute.
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PT Bumi Resources ’s profit may have risen about 50 percent last year as the company, Indonesia’s biggest coal producer, sold more coal at higher prices, said Dileep Srivastava , a director.
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PT Bumi Resources, the Indonesian coal producer at the heart of a London probe amid claims of irregularities, may struggle to refinance debt in the next year, Standard & Poor’s and Moody’s Investors Service said.
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PT Bumi Resources, facing probes into its finances amid a dispute between Nathaniel Rothschild and Indonesia’s Bakrie Group, swung to a loss on derivatives charges the company said resulted mainly from accounting-policy changes.
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Bumi Plc, the coal producer that plunged 69 percent last year amid a dispute over control, set up a February showdown with co-founder Nathaniel Rothschild after the financier moved to take over the company.
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PT Bumi Resources said a probe by Bumi Plc, the London-listed shareholder founded by Nathaniel Rothschild, and subsequent “leaks” about the matter are an attempt to damage the Indonesian coal producer.
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Indonesia’s capital markets regulator will await the results of Bumi Plc’s probe into claims of financial irregularities at associated companies in the Southeast Asian country before taking any action.
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