August 29, 2013 / 6:47 AM / 4 years ago

Bumi posts first-half loss as coal prices tumble

LONDON, Aug 29 (Reuters) - Indonesia-focused miner Bumi Plc posted an underlying loss for the first-half of the year as a 20 percent drop in thermal coal prices offset increased production at its key Berau subsidiary and the impact of easing costs.

Shareholders have been keenly awaiting a restructuring of the group, whose founders have been at loggerheads virtually since its creation in 2010. But the troubled group did not set a date for shareholder vote on the planned separation from Indonesia’s politically connected Bakrie family.

It said, however, that a circular was “at an advanced stage” and would be sent to shareholders in September.

Bumi said coal output rose 19 percent to 11.5 million tonnes, putting the company on track to produce 23 million tonnes for the full year and closer to a “near term” target of 30 million tonnes.

Bumi posted an underlying loss of $45 million for the half year against a $7 million profit a year ago.

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