Indonesia coal miner Bumi posts record profit, sees 10 pct output rise
Indonesian coal miner Bumi Resources estimates a 10 percent rise in production volumes this year from 84 million tonnes in 2017, its director said on Friday, after reporting a record profit last year.
Bumi booked a net profit of $373.3 million in 2017, a 451 percent jump from the previous year, said Bumi director Dileep Srivastava.
He cited favorable coal prices and sharp control over costs as reasons for the jump and that they helped offset the impact of lower prodution volumes in 2017.
Bumi expects coal prices to increase by 5 percent this year over last year's level of $58 per tonne, Srivastava said.
Reporting by Cindy Silviana and Agustinus Beo Da Costa Writing by Gayatri Suroyo; Editing by Gopakumar Warrier.