JAKARTA - PT Bayan Resources Tbk., a coal company, booked net profit of US$ 35.54 million in Q1 2020, 57.80% lower than its record in Q1 2019 of US$ 84.23 million.
According to its financial statements, the company's revenue in Q1 2020 was recorded at US$ 326.28 million, 10.70% lower compared to the realisation in Q1 2019 of US$ 365.41 million. Most of the company's revenue came from its coal business (US$ 324.36 million). While at the same time, the company's cost of goods sold actually rose by 11.31% (YoY) to US $ 235.94 million, resulting in a 41.13% decrease of gross profit, down from US$ 153.45 million in Q1 2019 to US$ 90.33 million in Q1 2020.
Furthermore, on the financial statements, it was also noted that on the items that will be reclassified for profit and loss, the company noted US$ 119.17 million of loss in changes in fair value of cash flow hedges in Q1 2020, although in Q1 2019 it netted a gain of US$ 28.92 million in that post. (ARM/AC/AR)