GEMS expended 38% of its CapEx to build hauling road and BLC
JAKARTA. PT Golden Energy Mines Tbk (GEMS) had used up its capital expenditure (CapEx) budget of 38.09% or USD 3.2 million out of USD 8.4 million in the first half of 2021. The CapEx was spent on constructing a hauling road.
Sudin Sudirman, Corporate Secretary of Golden Energy Mines, confirms that the CapEx for H1 2021 had been allocated to build a hauling road for coals and a Barge Loading Conveyor (BLC) for Bunati Port, Angsana District, Tanah Bumbu Regency, South Kalimantan.
After absorbing USD 3.2 million, GEMS is left with a CapEx of USD 5.2 million, which is intended to fund another hauling road and BLC construction project. “The allocation of the remaining CapEx in this year is more or less the same with the allocation in the first half of 2021,” Sudirman confirmed, as quoted in Kontan.co.id yesterday (16/9).
GEMS’s revenue in H1 2021 amounts to USD 733.59 million, growing 28.23% year-on-year (yoy) from USD 572.07 million reported by the end of H1 2020. Additionally, its net profit proliferates massively by 167.98% yoy to USD 143.47 million. (AM/ZH)