The Bakrie Family-Owned Company Earns IDR 904.54 Billion Profit From Previous Loss Of IDR 1.94 Trillion

Illustration. (Photo: Unsplash)

JAKARTA - The company owned by the Bakrie family, PT Bumi Resources Tbk (BUMI) recorded a significant increase in performance in the first nine months of this year. The coal issuer's revenue and profit can shoot up in the third quarter of 2021

BUMI was able to reap a net profit of 243.3 million US dollars in the third quarter of 2021. In the same period last year, BUMI recorded a net loss of 94.1 million US dollars.

Meanwhile, the profit attributable to the parent owners reached 63.7 million US dollars (approximately IDR 904.54 billion), reversing the attributable loss of 137.3 million US dollars (approximately IDR 1.94 trillion) in the same period last year.

BUMI's profit was lifted by increased income. In a written statement, BUMI stated that gross revenue increased 35 percent to US$3.75 billion in the third quarter of 2021, compared to USD 2.77 billion in the same period last year.

"This increase in revenue was triggered by the ongoing upward trend in coal prices," said BUMI Director and Corporate Secretary Dileep Srivastava in a written statement, quoted on Wednesday, December 1.

In addition, the increase in profit was also due to increased operating margins. In the third quarter of 2021, BUMI's operating margin increased to 20 percent from 5.7 percent in the same period last year, or increased more than 3 times.