Bumi Resources profit grew 13%
PT Bumi Resources Tbk, parent company of two major coal producers PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported net profit of Rp1.222 trillion (US$125 million) last year, a 13% growth from Rp1.079 trillion (US$120 million) in 2004.
According to its financial report published this morning, Bumi recorded total sales of Rp15.92 trillion (US$1.63 billion) last year, jumped significantly from Rp9.42 trillion (US$1.05 billion) in 2004.
But the company, closely linked to Bakrie Family, booked operating profit of Rp2.65 trillion, only slightly improved from Rp2.45 trillion in 2004.
Bumi has total asset of Rp16.44 trillion (US$1.7 billion) by the end of 2005. It is in the process to divest all the shares in KPC and Arutmin to PT Borneo Lumbung Energi, a company owned by Renaissance Capital with full financing support from Credit Suisse First Boston (CSFB).
While the total transaction was initially put at US$3.2 billion, some investment bankers said recently that the acquisition price might be around US$2.5 billion (including debts). The transaction is pending shareholder's approval expected next month.
Without KPC and Arutmin, Bumi Resources will be a shell company without key assets, like the old days. Bumi, with energy assets in Yemen, was a property company when it acquired Arutmin with financing support from Bank Mandiri and then KPC with CSFB financing.
The management claimed that after the divestment, Bumi will be merged with oil and gas company PT Energi Mega Persada Tbk, also closely linked to Bakrie Family, sometimes in July. The management's early call on US$3 billion coal to liquid project with, among others, SASOL had been denied by the South African giant synthetic oil company.
Bumi has total asset of Rp16.44 trillion (US$1.7 billion) by the end of 2005. It is in the process to divest all the shares in KPC and Arutmin to PT Borneo Lumbung Energi, a company owned by Renaissance Capital with full financing support from Credit Suisse First Boston (CSFB).
While the total transaction was initially put at US$3.2 billion, some investment bankers said recently that the acquisition price might be around US$2.5 billion (including debts). The transaction is pending shareholder's approval expected next month.
Without KPC and Arutmin, Bumi Resources will be a shell company without key assets, like the old days. Bumi, with energy assets in Yemen, was a property company when it acquired Arutmin with financing support from Bank Mandiri and then KPC with CSFB financing.
The management claimed that after the divestment, Bumi will be merged with oil and gas company PT Energi Mega Persada Tbk, also closely linked to Bakrie Family, sometimes in July. The management's early call on US$3 billion coal to liquid project with, among others, SASOL had been denied by the South African giant synthetic oil company.
Labels: Bakrie, Bank Mandiri, Bumi Resources, COAL, CSFB, Energi Mega Persada, PROPERTY
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posted by yosef at 7:34 AM
1 Comments:
The usual political-driven business growth..
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