Indonesia's Bumi sees coal sales rising 8 pct in 2013
JAKARTA, April 4
JAKARTA, April 4 (Reuters) - Indonesia's PT Bumi Resources , Asia's biggest thermal coal exporter, expects coal sales to rise 8 percent to 74 million tonnes this year, helping it to return to profit this year after 2012's heavy losses, an executive said on Thursday.
Dileep Srivastava, a Bumi director, said the company expects to produce 77 million tonnes of coal in 2013, compared to 74 million tonnes last year. However, the company sees 2013 output costs rising to $46 per tonne from $45 per tonne in 2012.
"We now expect to turn around to profit early in the new year," Srivastava told Reuters.
Bumi plummeted to a near $700 million annual net loss in 2012, which it blamed on derivative and foreign exchange transactions going sour.
The results cast a fresh shadow over debt repayment prospects at the company, at the centre of lingering corporate governance issues at its London-listed affiliate Bumi Plc .
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