Bumi reported net profit US$252 million

PT Bumi Resources Tbk issued its 1H09 result, which was reported to post record highs. Sales volume increased by 1.3% to 25.7m tons, selling price is up to US$66.94/ton, while cash cost declined to US$27.51/ton.
Revenue Bumi increased by 2.8% to US$1.535bn, while gross and operating margins increased to 46.9% and 32.9%, respectively. However, net profit declined to US$252m on the back of higher non-operating expenses and tax charge, while Bumi enjoyed a tax benefit.
Bumi expect to continue posting record operating performance in 3Q09, while FY09 sales volume is targeted to reach 58m tons, but prices may decline to US$61-US$62 per ton, while cash cost is expected to be contained at US$28/ton.
Meanwhile, BUMI revealed that it has pledged its stake in KPC, Arutmin IndoCoal Kalsel Resources and IndoCoal Kaltim Resources to CIC as part of the debt agreement. BUMI stated that it has previously received approval from shareholders to pledge its assets.
However, IDX is still unsatisfied with BUMI's disclosure on the CIC deal and demands BUMI to provide further and detailed information.