Indonesian coal miner PT Bumi Resources Tbk hinted at better full-year earnings in 2024 compared with last year, its director said on February 2, but declined to provide a specific profit forecast.

"We are not providing net income guidance, but we expect fiscal 2024 to be better than fiscal 2023," Dileep Srivastava, director of Bumi Resources, said.

Srivastava cited several positive factors for the outlook, including coal reference prices above $80/t, domestic market obligation policies, subsidized domestic prices and customer loyalty.

Bumi Resources previously forecast its 2023 coal production could reach nearly 80 million tonnes, and set the 2024 target at the same level.

At the end of 2023, its sales prices were around $80-90/t on average, while the production cost stood at $55-60/t, Srivastava said.

The company is now pursuing a coal downstream project and several non-coal projects to diversify operations, Srivastava added, without providing details. "We intend to announce them once all the arrangements are completed," he said.

(Writing by Alex Guo  Editing by Harry Huo)
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