Exerting efficiency strategies, BUMI subdues its loss in Q1 2021
JAKARTA. Efficiencies exercised by the mining services company, PT Bumi Resources Tbk (BUMI), have generated a decrease in its net loss in Q1 2021 despite its plummeting revenue of over 25%.
Based on the financial report in March 2021, BUMI’s operating revenue only amounts to USD 191.25 million, decreasing 25.67% from USD 257.33 million in Q1 2020. Fortunately, the company manages to apply efficiency by cutting off the cost of sales to USD 164.21 million, reduced by 31.05%. As a result, it leads to an increment in the gross profit to USD 27.03 million from USD 19.17 million.
The efficiency strategies are also signified through the decline in selling and general expenses. However, in the end, the company could only score USD 11.67 million in its net profit, falling off relatively high from USD 35.09 million in Q1 2020. (AM/ZH)