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Jumat, 19 Agustus 2011

Bumi Minerals 1H net profit surges 96.82% - Insider Stories

PT Bumi Resources Minerals Tbk (BRMS), a non-coal subsidiary of coal miner PT Bumi Resources Tbk (BUMI), reported a 96.82% jump in net profit for the first half of this year.
In a press statement today, the profit jump was mainly driven by the favorable realized commodity prices and the reduced interest and financing charges.
Bumi Minerals booked Rp343.82 billion in 1H 2011 from Rp174.69 billion. Revenue slightly increased 7.14% to Rp67.26 billion from Rp62.78 billion, despite the lower gold and copper production.

Ken Farrell, the CEO of BRMS, said the temporary production drop by PT Newmont Nusa Tenggara (NNT) has been anticipated due to the delayed phase six developments in the Batu Hijau mine site.
NNT is currently producing copper and gold from the maturing phase five and from the lower grade stock pile ores nearby.
As the phase six development is being finalized, NNT is expected to increase its copper and gold production rate early in 2013.
"BRMS is also on track to commence its first iron ore production from the Bumi Mauritania S.A. early in 2012, while our zinc and lead project operated by PT Dairi Prima Mineral plans to initiate production in 2013 subject to the borrow and use exploitation permit issued by the Ministry of Forestry by end of this year,” said Ken Farrel.

Yuanita Rohali, the CFO of BRMS, added the company's realized copper and gold prices in the 1H 2011 increased by 36% and 25% respectively from the same period of last year.
In addition, BRMS has successfully de-leveraged its balance sheet and maintained a relatively strong net debt to equity ratio of 0.1x.
"Consequently, the company’s interest and financing charges were reduced by 61% to its current level. These factors were responsible for the 96% profit increase to Rp 343 billions,” she said.

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