Mining Company Owned By Kiki Barki Conglomerate Earns Rp827 Billion In First Quarter 2021

Illustration. (Photo: Unsplash)

JAKARTA - PT Harum Energy Tbk (HRUM) recorded a decrease in revenue in the first quarter of 2021. The company coded HRUM shares recorded revenues of USD57.08 million (around Rp827 billion) or down 6.72 percent year on year (yoy) from the same period last year of USD61.19 million.

Quoted from Harum Energy's financial report, Sunday, May 16, the decrease in revenue of the company owned by conglomerate Kiki Barki occurred both for revenue from contracts with customers and rental income.

HRUM's revenue from customer contracts during the first quarter of 2021 reached USD53.60 million, or 6.81 percent lower than the first quarter of 2020 of USD57.52 million.

Meanwhile, rental income in the first quarter of 2021 reached USD3.47 million, down from USD3.67 million in the first quarter of 2020. The amount consisted of heavy equipment reaching 1.67 million U.S. dollars, transportation roads 1.05 million U.S. dollars and rental revenue time, freight and voyage charter of 745,260 U.S. dollars.

Riciannya, revenue from customers who have transactions exceeded 10 percent of the total net income reached 32.68 million U.S. dollars consisting of China Huaneng Fuel Co Ltd of 26.23 million U.S. dollars and Huaneng Guangdong Fuel Co Ltd of 6.44 million U.S. dollars.

Despite the revenue decline, HRUM was still able to record an increase in net profit. In the first quarter of 2021, HRIM's net profit reached US$17.61 million, a significant increase from the first quarter 2020 net profit of only US$821,370.

The increase also occurred in total HRUM assets until the first quarter of 2021 of USD595.26 million or increased compared to the end of 2020 of USD498.70 million.