JAKARTA (Dow Jones)--PT Bumi Resources (BUMI.JK) said Wednesday net profit fell 18% on year to $645.37 million in 2008 from $789.00 million in 2007.
Indonesia's largest coal miner in terms of output attributed the decline in net to higher tax payment in 2008 which soared to $90 million from $14.65 million in 2007 and an absence of gains from selling assets.
In 2007 Bumi booked $471.61 million in net proceeds from selling a 35% stake in its coal unit PT Kaltim Prima Coal to tata Power.
Analysts said that excluding gains from selling assets in 2007, Bumi's 2008 net profit more than doubled at $645.37 million, compared with $318.39 million a year earlier.
Meanwhile, Bumi's revenue for the year rose to $3.38 billion from $2.27 million likely due to higher coal prices.
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