Bumi Sees 2017 Profit at $350m on Higher Coal Price, Debt Recast
By Harry Suhartono
(Bloomberg) -- Bumi Resources sees 2017 net income jumping at least fivefold to $350m as coal prices set to average ~30% more than a year earlier and a debt restructuring trims interest cost, according to DirectorDileep Srivastava.
Co. sees coal price between $70-$85 per ton over next two years, Srivastava says in interview in Jakarta Monday
Bumi’s 2016 net income $67.7m
Co. has appointed KPMG as independent accounts auditor to monitor cash management and as part of efforts to improve corporate governance
NOTE: Bumi Resources Names Directors, Commissioners From CIC, CDB
Co. sees savings of $250m in interest costs with debt restructuring
Bumi Resources aims to produce 89m tons of coal in 2017, sees sales at 90m tons
Production in 1H seen at 42%-43% of 2017 target; co. to ramp up production in 2H as weather turns more favorable
Higher than usual wet season has not significantly affected production
Bumi Resources aims to be debt free in 3-4 years
Bumi Resources Minerals aims for commercial production of gold and copper by 2021
Commercial production for zinc and lead expected to happen in 2020
NOTE: Bumi Resources Gets FSA Approval for Rights Issue, MCB
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