Bumi Resources Reports Q1 Net Loss On Forex And Derivatives

Reuters reported Asia’s top thermal coal exporter, Bumi Resources, announced first quarter net loss of $100.4 million due to global uncertainty and the declining rupiah.

As stated in the report:

Bumi, controlled by the politically-connected Bakrie family and part-owned by financier Nathaniel Rothschild, said the worse-than-expected euro zone debt crisis caused the rupiah’s weakening and the decline in its share price, which has led to losses in derivative assets and foreign exchange.

Click here to read the full Reuters report.