Indonesia's Bumi says H1 net profit fell 30 pct

PT Bumi Resources (BUMI), Indonesia's biggest coal miner by volume, said first-half profits fell 30 percent because of lower average selling prices and a strong rupiah.
Bumi, which has a market capitalisation of $3.65 billion, reported a net profit of $134 million in the first six months. That compared with a net profit of $192.30 million in the year-ago period.

Revenues rose 25 percent to $2.14 billion from $1.71 billion a year ago.
Bumi previously said that it expects production to rise to as much as 70 million tonnes in 2010, from 58 million last year.

The firm produced 30.2 million tonnes in the first half and reported up 13 percent from a year ago.

Analysts forecast full-year net profit of $366.02 million, according to a consensus in Thomson Reuters I/B/E/S.

Bumi shares plunged 22 percent in the first half, underperforming with the broader market, which was up 16 percent in the same period.
Bumi's shares closed up 1.2 percent at 1,710 rupiah on Monday before the company released its results, while the overall market was down 0.17 percent. Source: Reuters