- Situs Bumi Resources
VIVAnews – PT Bumi Resources Tbk set the target of coal sales volume of 66 million tons until end of 2011. The target was raised by 8.7 percent from 2010’s 60.7 million tons.
“The free on board (price) is US$90 per ton on average, or rose from that in 2010 which was US$71 per ton,” said Bumi Resources Director Dileep Srivastava in a written statement VIVAnews received in Jakarta today.
Dileep explained that through the first quarter of 2011, Bumi booked a net profit amounting to US$112 million, or US$1 million less than the calculation based on the old accounting policy.
The reversing net revenue was derived from the change of calculating the subsidiaries’ consolidated costs and revenue. “Based on the new accounting policy, Bumi is obliged to postpone the entry of revenue amounting to US$36 million that the company has made in 2010 out of the sales of an off-shore asset, Gallo Oil in Yemen.
According to him, after the sale contract was signed, the sale was cancelled because of the political crisis in Yemen. “We are grateful for all the significant progress in adjusting and applying the new accounting policy starting January 1, 2011,” he said.
This condition, he went on, made the company’s performance be in line with the international mining operation.
“Based on the new accounting policy, we need to present again some last year’s figures that may confuse investors in a short term. However, we believe that the benefit of reputation recovery and the best international practice will go far beyond short-term accounting adjustments,” said Dileep.
In the mean time, based on the old financial accounting standards procedure (PSAK), the net profit of the first quarter of 2011 was US$113 million, or up US$97 million from the same period in 2010.
The sales revenue reached US$1.23 billion or up 21 percent from US$1.02 billion in the first quarter of 2010. The rise of the sales revenue was because of the higher coal sale price on average, that is US$87.63 per ton in the first quarter of 2011 compared to US$63.75 per ton in the same period last year.
Translated by Indah Lestari
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