This Mining Company Owned By Aburizal Bakrie Conglomerate Has Increased In Profit By 207 Percent In 2020

Illustration. (Photo: Unsplash)

JAKARTA - PT Bumi Resources Minerals Tbk (BRMS) recorded improved financial performance. This business entity from PT Bumi Resources Tbk (BUMI) has recorded triple-digit growth in profit in 2020.

Quoted from the BRMS financial report published on the Indonesia Stock Exchange (IDX) website, Friday, April 30, the company posted a net profit of USD 3.95 million for the 2020 financial year. This figure shot 207 percent over the same period the previous year, namely USD 1.28. million.

The incision cannot be separated from the revenue earned by the company owned by Aburizal Bakrie conglomerate. BRMS recorded an annual increase in revenue of 87.06 percent to USD 8.34 million from the previous USD 4.46 million.

The basic cost of BRMS actually jumped about seven times on an annual basis to USD 2.34 million. However, this increase was still proportional if it was juxtaposed with the revenue achieved by BRMS.

As a result, BRMS was still able to earn a gross profit of USD 6 million. This achievement is up about 45.56 percent on an annual basis from the previous USD 4.12 million.

As a result, BRMS was forced to record an operating loss of USD 127.328. This loss is much better than the 2019 period when BRMS still recorded a net loss of USD 722.563.

However, BRMS recorded a total other income of up to USD 14.21 million. This financial account shot up almost eight times over the same period the previous year, USD 1.79 million.

BRMS recorded an income tax expense of USD 9.8 million. Even so, the overall net profit rose to USD 4.04 million from USD 1.26 million previously. This increase led to a better BRMS profit.