JAKARTA - PT Bumi Resources Tbk (BUMI) is optimistic that the company's performance will improve this year, following the recovery of coal price, which has reached the level the US$ 85 per ton.
Director of PT Bumi Resources Tbk, Andrew Christopher Beckham revealed that his party expects global coal prices to recover to the level of US$ 70-80 per ton.
"If the coal price is US$ 85 per ton, our financial performance should improve," he said on Wednesday (28/08/2019).
One of the factors that helped the coal price is the lower supply due to winter and rainy seasons.
Just information, in the first half of this year, the company recorded sales of US$ 481.35 million, down 14.15% from US$ 560.72 million recorded in the same period last year.
The company's net profit reached US$ 80.67 million in the first semester of 2019, 46.78% from US$ 151.72 million recorded in the same period last year.
Director & Corporate Secretary of Bumi Resources, Dileep Srivastava, said that the decline in financial performance experienced by the company was mainly caused by lower coal price. (ARM/AR)