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Kamis, 23 Juni 2011

PT Bumi Resources Tbk | First Quarter 2011 - Financial - Company Release


Attached is a Media Release on the Q1'11 financials of PT Bumi Resources Tbk. for your information.

There has been a change in reporting as 3 new PSAK's as per Indonesian GAAP and 2 new management policies have been implemented on 1 January 2011. Your attention is drawn to the enclosures which describe the changes, their impact on the books of Q1'10 and a comparison of old and new GAAP of Q1'11 vs Q1'10 numbers for benefit of stakeholders.

A gain of $ 36m was reversed in Q1'11 as we terminated the stake sale in Gallo Oil because of the instability in Yemen ; otherwise, the net income would be higher.

Operationally, the Q1'11 performance has been sound in spite of wet weather. Sales of 14 tons were achieved at a record - breaking price of $ 87.6/ton. (vs $ 62.75/ton in Q1'10) .This is 39.6% higher yoy.

We expect to exceed sales of 15m tons in Q2'11 at forecast $ 90/ton. For the present, we retain guidance of 66m tons in FY2011 but raise our full year average price guidance to $ 90/ton fob (from earlier $ 77/ton).

Bumi expects to deleverage by a further $800 m over 2011 and targets to prepay CIC's tranche I of $ 600m, in Oct'11, (2 years early).

Dileep Srivastava
Director & Corporate Secretary
PT Bumi Resources Tbk.
Bakrie Tower, 11th Floor
Kompleks Rasuna Epicentrum
Jl. H.R. Rasuna Said
Jakarta 12960

Tel : +62 21 57942080
Fx : +62 21 57942070

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