Coal Mining Company Owned By Conglomerate Low Tuck Kwong Receives IDR 7.2 Trillion Revenue In The First Quarter Of 2021

Illustration. (Photo: Pixabay)

JAKARTA - The coal mining company, PT Bayan Resources Tbk, managed to record significant performance growth in the first quarter of 2021. The company coded BYAN shares experienced performance growth in terms of revenue and net profit.

Quoted from the financial report of Bayan Resources published on the Indonesia Stock Exchange (IDX) website, Monday, April 26, the company owned by conglomerate Low Tuck Kwong posted revenues of $ 501.03 million or around IDR 7.2 trillion in the first quarter of 2021.

The acquisition is up 38 percent compared to the acquisition in the first quarter of 2020 of 326.28 million US dollars. This revenue consists of the coal segment amounting to $ 620.36 million and the non-coal segment amounting to $ 107.71 million.

Even so, BYAN's cost of revenue fell to $ 217.98 million compared to the first quarter of 2020's expense of $ 235.94 million. As a result, Bayan Resources posted a profit for the period attributable to the owners of the parent company of 165.86 million, up 366.6 percent compared to the first quarter of 2021 profit of $ 35.54 million.

The company's total liabilities increased to $ 762.20 million at the end of the first quarter of 2021 compared to the position at the end of 2020 of $ 758.17 million. These liabilities consist of $ 509.74 million long-term liabilities and $ 252.46 million in short-term liabilities.

Bayan Resources' total assets increased to $ 1.83 billion at the end of the first quarter of 2021 compared to the position at the end of 2020 at $ 1.6 billion. The total assets included BYAN's cash and cash equivalents, which jumped 57.58 percent to $ 604.83 million at the end of the first quarter of 2021 compared to the position at the end of 2020 of $ 383.81 million.