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Senin, 22 Agustus 2011

UPDATE 1-Indonesia's Bumi Resources Q2 net up 20 pct - Reuters

(Updates with Q2 profit, coal forecast)

Aug 19 (Reuters) - Bumi Resources , Asia's biggest thermal coal exporter, saw second quarter 2011 net profit rise 20 percent, helped by higher prices and driven by strong demand from China and India.

Bumi has increased its forecast for 2011 average coal prices to $90 per tonne, higher than its previous forecast of $77 per tonne, due to expanding utility capacity in India and China. Production is seen at 66 million tonnes this year.

Bumi's second-quarter net profit was $155 million, versus $129 million in the year ago period, according to Reuters calculations based on published second-half figures.

First-half net profit was $278.6 million, compared with a restated $271 million in the same period a year earlier. Bumi had said last year its first-half 2010 net profit was $134.6 million. First-half revenue rose 24 percent to $1.8 billion.

Bumi, which the politically connected Bakrie family and Nathaniel Rothschild control via London-listed Bumi Plc , plans to repay the first $600 million tranche of a $1.9 billion loan to the China Investment Corporation (CIC) in October.

Investors has discounted Bumi's shares against a booming Indonesian stock market due to high debt levels and concerns on corporate governance.

Bumi Plc said on Wednesday that thermal coal prices should remain strong over the short and medium-term on higher demand from both Asia and Europe.

Analysts forecast Bumi's 2011 net profit to rise 56 percent to $484.3 million, according to Thomson Reuters Starmine's SmartEstimate.

Shares in Bumi were down 2.7 percent by 0405 GMT after the results, after falling more than 2 percent in the first half of the year to underperform a Jakarta index up around 5 percent in the same period. (Reporting by Janeman Latul; Editing by Neil Chatterjee and Mat Driskill)

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