(TheIndoDaily) – PT Bumi Resources Tbk (IDX:BUMI), Indonesia’s largest coal producer, reported that its consolidated revenues, including revenues of KPC and Arutmin, reached US$4.76 billion in the nine months to September 2023 (9M23), fell 24 percent from the same period last year of $6.26 billion.
The company said the decline was due to a significant decrease in coal prices compared to the same period last year, greater uncertainty in the market, and geo-political and global economic factors.
The royalty payment, representing 32 percent of gross revenue), taxes, subsidized prices, stubbornly high fuel prices, and higher supply and production in India, China, and India also pushed the company’s income.
It said although production and sales volume increased by 5 percent year-on-year, the 28-percent drop in coal price severely impacted the revenues. In 9M23, the average coal prices stood at $85.2 per tonne, down 28 percent from $118.7 per tonne in 9M22.
In the period, the company recorded a consolidated gross profit of $439.79 million, fell sharply by 76.15 percent from $1.84 billion in 9M22. As a result, it recorded an operating profit of $265.71 million in 9M23, falling sharply by 83.8 percent from $1.64 billion in 9M22.
Meanwhile, its revenues based on PSAK66 were recorded at $1.17 billion in 9M23, down 15.83 percent from $1.39 billion in 9M22. Its net profit attributable to the parent entity also
Fell to $58.26 million from $364.49 million in 9M2022, dropping sharply by 84.06 percent.
In 9M23, Bumi produced 56.2 million tonnes (Mt) of coal, which increased slightly by 5 percent from 53.7 Mt in 9M22.
Its overburden also rose 20 percent to 571.2 mbcm in 9M23 from 475.5 mbcm in 9M22. Its coal inventory stood at 4.6 Mt, up 85 percent from 2.5 Mt in 9M22.
Written by Staff Writer
