JAKARTA. PT Bumi Resources Tbk (BUMI) recorded a loss of US$ 86 million in the first semester (1H) of 2020.
Dileep Srivastava, Director & Corporate Secretary of BUMI, said that the loss was mainly caused by the unstable coal demand. "This was mainly caused by the COVID-19 pandemic," said Srivastava through the disclosure published on the Indonesia Stock Exchange (IDX) website.
Srivastava added that the price of coal also declined by 12% in 1H 2020 to the level of US$ 46.9 per ton. Meanwhile, in the same period last year, the price was recorded much higher at US$ 53.2 per ton.
To cope with fluctuations in coal demand and price, BUMI's management is trying to strengthen its downstream coal business lines.
From the upstream side, the volume of coal mined by BUMI in 1H 2020 was 41 metric tons (MT). PT Kaltim Prima Coal was the largest contributor with a total production volume of 29.4 MT. Meanwhile, PT Arutmin Indonesia's production volume was recorded at 11.6 MT. (KR/AR)