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UPDATE 1-Indonesian coal miner Bumi posts record loss of $1.9 bln
October 4, 2016 / 11:36 AM / a year ago

UPDATE 1-Indonesian coal miner Bumi posts record loss of $1.9 bln

* Bumi’s loss widens to $1.9 bln for 2015 from $370.5 mln

* Loss mainly due to asset impairment, receivable write-off

* Impaired assets include Yemen oil and gas firm - spokesman (Adds comment from director, milestone)

By Eveline Danubrata

JAKARTA, Oct 4 (Reuters) - Indonesian coal miner PT Bumi Resources Tbk reported a record loss of nearly $2 billion for 2015 on Tuesday, mainly due to asset impairments and write-offs for its receivables.

Bumi’s net loss of $1.9 billion for the year ended Dec. 31, 2015 was far wider than a revised loss of $370.5 million for 2014. That was the biggest annual loss it ever posted, according to Thomson Reuters data.

Bumi, part of the Bakrie Group conglomerate, has been struggling to service its debt as an oversupply of coal and weaker demand from China hurt its cash flow. The coal miner had previously delayed the release of its 2015 financial results.

Bumi made a loss of $885.5 million due to asset impairments and $522.6 million as a result of writing off receivables, it said in a filing to the Jakarta stock exchange. Revenue fell to $40.5 million from $61.9 million.

Bumi impaired Gallo Oil, which operates two oil and gas exploration concessions in Yemen, “owing to stressed market and economic conditions in the sector,” Bumi director Dileep Srivastava said in a text message.

Other assets impaired include coal mines on the Indonesian island of Sumatra, Srivastava said. The company also wrote off some receivables from Indonesian company Bukit Mutiara due to its “potential insolvency”, he said. (Reporting by Eveline Danubrata in Jakarta; additional reporting by Gaurav Dogra in Bengaluru; editing by Tom Hogue and David Evans)

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