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PT Bumi Resources books $655.4 million loss

THE Indonesian coal company at the heart of a corporate battle involving London-listed Bumi PLC has posted a $655.4 million loss for the first nine months of 2012.

Staff Reporter
PT Bumi Resources books $655.4 million loss

PT Bumi Resources announced it had made the loss, which is a marked contrast to its $184 million profit for the first nine months of 2011.

Its revenues were down slightly on 2011 levels – booking $2.7 billion for the first nine months of 2012 as opposed to the $2.8 billion for the corresponding period of 2011.

PT Bumi Resources’s operating expenses were about $120 million higher for the 2012 period when compared to 2011 and the company booked a $422 million loss on its derivative transactions. In the first nine months of 2011 it had made almost $125 million on derivative trades.

The biggest standout though is the $909 million in other expenses. For the same time in 2011 it was $247.8 million.

Bumi PLC has a 29% stake in PT Bumi Resources.

It called for an independent investigation into what it called “financial irregularities” at PT Bumi Resources.

Bumi PLC is in the throes of selling its stake in PT Bumi Resources to the Bakrie family.

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