Bumi Resources 2010 Coal Sales May Climb to $4.3 Billion, Director Says

PT Bumi Resources, Indonesia’s largest coal producer, forecast its revenue will rise 34 percent this year because of plans to sell more of the fuel at higher prices, a director said. 

Revenue may climb to about $4.3 billion this year, Dileep Srivastava said in a mobile-phone text message from Jakarta today. That compares with $3.2 billion last year, according to data compiled by Bloomberg News. 

Bumi expects to sell 64 million metric tons of coal this year, an increase of 7 percent, at an average price of $67 a metric ton, Srivastava said. The Jakarta-based company received an average $63.10 a ton last year. 

Coal miners in Indonesia are boosting production to benefit from an increase in domestic and overseas demand. Local consumption may almost double to 120 million tons by 2015 from 64 million this year as the biggest economy in Southeast Asia builds new power plants, Bambang Setiawan, a director general at the energy ministry, said May 31.

Bisnis Indonesia reported today that Bumi will increase sales to $4.58 billion this year from $3.22 billion in 2009. 

The unit of PT Bakrie & Brothers sold 31 million tons of power station coal in the January-to-June period, an increase of 21 percent from a year earlier, Srivastava said July 12. 

Bumi climbed 1.8 percent to 1,720 rupiah a share in Jakarta trading at 11:35 a.m. local time. The stock has fallen 7.5 percent in the past three months, compared with the 13 percent gain in the benchmark Jakarta Composite Index. Source: Bloomberg