Mining Company Owned By Conglomerate Low Tuck Kwong Reaches Sales Of Rp. 14 Trillion And Profit Of Rp. 4.8 Trillion In Semester I 2021

Illustration. (Photo: Pixabay)

JAKARTA - PT Bayan Resources Tbk managed to record a brilliant performance in the first six months of this year. The coal mining company, codenamed BYAN, reaped an increase in revenue and net profit throughout the first semester of 2021.

In Bayan Resources' financial report published on the information disclosure page of the Indonesia Stock Exchange (IDX), quoted on Thursday, August 5, the company owned by the conglomerate Low Tuck Kwong posted a net profit for the period attributable to the parent entity of US$337.04 million (approx. IDR 4.8 trillion).

This achievement rose 386.85 percent of net profit in the same period last year of 69.23 million US dollars. The increase in BYAN's net profit is inseparable from the increase in revenue.

BYAN's net income was recorded at 1.02 billion US dollars in the first semester of 2021. This achievement shot up 47.13 percent of the revenue in the first semester of 2020 of 695.72 million US dollars.

BYAN's revenue was dominated by coal sales to third parties amounting to US$984.12 million, followed by coal sales to related parties worth US$37.58 million. Then, BYAN also narrowed its revenue from the non-coal segment by 1.96 million US dollars.

Despite the increase in revenue, BYAN was able to reduce the cost of goods sold by 14.46 percent, from the original US$505.011 million to US$431.97 million. However, a number of expenses were observed to increase, such as selling expenses which rose 8.5 percent to 77.70 million US dollars. BYAN's financial burden also increased by 92.34 percent from all 17.32 million US dollars to 33.32 million US dollars.

As of June 2021, BYAN's total assets amounted to USD 1.52 billion, consisting of liabilities worth USD 583.37 million and equity valued at USD 945.4 million.