Bayan Resources' net profit declined by 61.26%
JAKARTA. Slow export sales has resulted in a drop in the revenue of PT Bayan Resources Tbk (BYAN) by 18.9% and its net profit by 61.26% to US$ 69.23 million.
The company's financial report revealed that BYAN's revenue in the first half of 2020 was recorded at US$ 695.72 million while in the same period in 2019, it was recorded at US$ 858.57 million.
Revenue from coal exports fell by 23.9% (YoY) to US$ 604 million, despite the fact that the company's domestic sales rose by 59.1% to US$ 87.9 million.
In the end, the company only booked a net profit of US$ 69.23 million, 61.26% lower than its record in the first half of 2019 of US$ 178.71 million. (AM/AR)