JAKARTA (Indonesia Today) – Bumi Resources (BUMI) sinks almost 15% before the break Tuesday (August 28) as investors dumped the share following poor first half results.
More than 185 million shares were exchanged hands in two hours of trading, sending the stock to its lowest level (Rp760) in three years. At Rp760, the largest coal producer in Indonesia is now valued Rp15.8 trillion, substantially smaller than Harum Energy, which produces one-sixth of BUMI’s coal output.
BUMI booked net loss of US$322 million in the first half of 2012 against net profit of US$232 million in the corresponding period of 2011.
BUMI generated sales revenue of US$1.946 billion in the first half ended June 30, 2012, an increase of 8.6% from the same period last year. The company’s gross profit, however, dropped 14.6% to US$554 million, while operating profit slashed by 48% to US$239 million.