PT BUKIT ASAM'S 2008 DIVIDEND UP 124.5 PERCENT

Jakarta, May 29 (ANTARA) - PT Bukit Asam Tbk would distribute Rp853.9 billion in dividend to its shareholders for the 2008 fiscal year, up 124.5 percent from Rp380.10 billion in 2007.

Its president director, Sukrisno, said after a shareholders' meeting here on Thursday the dividend was 50 percent of the company's net profit for 2008 that reached Rp1.707 trillion.

He said PT BA that concentrates on coal production in Tanjung Enim, South Sumatra, had sold 34.98 percent of its total shares reaching more than 2.3 million shares to the public through the Indonesia Stock Exchange.

Sukrisno said the dividend rose significantly for the 2008 fiscal year because of an increase in net profit of up to 135 percent to Rp1.7 trillion from only Rp769 billion in the year before.

The hike in profit came from coal sales reaching 12.8 million tons to earn Rp7.2 trillion or 75 percent higher than its corporate earnings in 2007 which was recorded at Rp4.1 trillion.

Sukrisno said the company had taken a number of steps for efficiency and also planned to expand business outside South Sumatra such as in Kalimantan because almost all coal reserves in South Sumatra had been exploited.