Bumi operating profit drops 13%
PT Bumi Resources Tbk's first half audited financial report has confirmed earlier speculation of declining profit margin with 13% drop in its H1 operating profit to US$156.23 million.
According to its financial statement published this morning, Bumi reported net sales of US$865 million, a healthy 25% growth from US$692 million in H1 2005.
But the company's cost of goods sold jumped 41% in the period, resulting in 4% decrease in gross profit at US$235 million.
Bumi's operating expenses grew significantly by 21.5%, resulting in significant cut of operating profit to US$156 million against US$180 million in H1 2005.
But the company booked net profit of US$90.4 million in H1 2006 or a 13% growth from US$79.9 million in the same period last year, mainly due to gain from foreign exchange translation and lower tax liabilities (?).
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According to its financial statement published this morning, Bumi reported net sales of US$865 million, a healthy 25% growth from US$692 million in H1 2005.
But the company's cost of goods sold jumped 41% in the period, resulting in 4% decrease in gross profit at US$235 million.
Bumi's operating expenses grew significantly by 21.5%, resulting in significant cut of operating profit to US$156 million against US$180 million in H1 2005.
But the company booked net profit of US$90.4 million in H1 2006 or a 13% growth from US$79.9 million in the same period last year, mainly due to gain from foreign exchange translation and lower tax liabilities (?).
Labels: Bumi Resources
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posted by yosef at 8:19 AM
2 Comments:
Tax liability lower due to they sell the coal cheap to Cayman company then on-sell to coal buying customer. Bakrie makes his profit in offshore tax haven and Indonesia suffers.
So then, this guy can be included in the AN's category of GARONG?
He he he... probably not, since maybe, AN is more "attracted" to hunt the Chinese Businessman....
Sic
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