BUMI rebounds, now scoring profits

The performance of PT Bumi Resources Tbk (BUMI) throughout the first half of 2021 generates a USD 90.9 million profit, making a comeback from last years loss of USD 86.1 million. Director of Bumi Resources, Dileep Srivastava, reveals this achievement in a press release, quoted Monday (30/8).

This gain is believed to be the result of the coal price increment of over 20% in H1 2021, which is induced by imbalanced global supply and demand, the pandemic, infrastructure halts, and political ambivalence. The revenue increases by 16% from USD 1.87 billion to USD 2.29 billion, as did the cost of revenue by 4%, from USD 1.73 billion to USD 1.81 billion, Srivastava adds.

According to Srivastavas words, the coal price is at USD 56.2 per tonne, shifting from the level reported in H1 2020 of USD 46.9 per tonne. With this price growth, the gross profit also proliferates by 104%, from USD 238.1 million to USD 485.3 million. The companys productivity is well maintained despite the ongoing COVID-19 pandemic, he reassures.

This year, the coal production volume is targeted to reach 85 to 89 tonnes with an estimated price of USD 58 to USD 63 per tonne.

 

Source:https://www.idnfinancials.com/news/40341/bumi-rebounds-scoring-profits