Bumi resources to buy back shares

Jakarta (Antara News) - Publicly-listed coal mining company PT Bumi Resources (BUMI) is planning to buy back its share from October 11, 2006 to November 17, 2007, a spokesman said here Wednesday.

BUMI would buy back 1,940.40 million shares at the price not higher than the company`s previous share sale price as the Capital Market Supervisory Agency (Bapepam) had regulated, BUMI director Eddie J Sobari told the Jakarta Stock Exchange (JSX).

PT Danatama Makmur would be a broker in the buy-back of BUMI`s shares, he said.

"With regard to the buy-back, the company will give all concerned agencies daily reports on its implementation," he said.

He, however, did not explain the aim of the buy-back and the source of funds for the scheme.

The financial report for the first semester of 2006 showed that PT Bumi Resources booked a net consolidated profit of US$90.43 million, up by 13.16 percent from US$79.91 million in the corresponding period last year.

The half-year consolidated financial data also showed that although BUMI`s sales in that period rose from US$692.33 million to US$865.81 million, its gross profit was down from US$245.96 million to US$235.22 million.

According to the report, the company`s business burden increased from US$64.99 million to US$78.99 million so that business profit decreased from US$180.97 million to US$156.23 million.

Its total current liabilities per June 30, 2006 rose from US$791.86 million to US$1,360.66 million, unequal to total current assets which only increased from US$526.61 million to US$670.68 million.

BUMI`s total equities also jumped from US$190.78 million as of June 30, 2005 to US$298.50 million as of June 30, 2006 while its total assets rose from US$1,583.73 million to US$2,074.85 million. (*)
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