Bumi Resources, Mining Company Owned By Conglomerate Aburizal Bakrie Earns Revenue Of Rp6.13 Trillion In Semester I 2021

Illustration. (Photo: Pixabay)

JAKARTA - PT Bumi Resources Tbk recorded a satisfactory performance in the first six months of this year. The company codenamed BUMI earned a significant increase in net profit in the first semester of 2021, even though revenue was recorded to decline.

In BUMI's financial report, quoted on Monday, August 30, the revenue of the company owned by conglomerate Aburizal Bakrie reached US$421.86 million or around Rp. 6.13 trillion (the Jisdor exchange rate on June 30 was Rp. 14,542 per US dollar). This value decreased by 4.22 percent year on year (yoy) from US$440.44 million as of June 2020.

The profit attributable to the owners of the parent entity or net profit of 1.89 million US dollars as of June 2021 or around Rp27.48 billion. The profit achievement was reversed from a net loss of 86.1 million US dollars as of June 2020.

"This is due to the increase in coal prices due to global supply imbalances, pandemics, effects, weather conditions variables, infrastructure congestion and political uncertainty," explained BUMI's management.

The realization of a 20 percent increase in coal prices to 56.2 US dollars per tonne (from 46.9 US dollars per ton in the first semester of 2020) which resulted in a 104 percent increase in gross profit in the first semester of 2021.

In terms of expenses, BUMI's liabilities reached US$3.3 billion as of June 2021, up from US$3.29 billion at the end of 2020. Short-term liabilities in the first semester of 2021 reached US$1.27 billion and long-term liabilities of 2.03 billion US dollars.

However, BUMI's equity managed to increase to 217.34 million US dollars as of June 2021, from 132.64 million US dollars at the end of 2020. BUMI's total assets also reached 3.52 billion US dollars in the first semester of 2021, up from 3.43 billion US dollars at the end of last year.