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Bayan Resources’s profit skyrocketed in Q1 2021

26 April 2021 14:11

JAKARTA – PT Bayan Resources Tbk (BYAN) recorded a fantastic revenue performance in Q1 2021 compared to Q1 2020 due to costs of goods sold efficiency. The management conveyed this message through its Financial Report of Q1 2021, which was published Monday (26/4).

Low Tuck Kwong, the President Director of Bayan Resources, mentioned that the company collected a gross profit of USD 283.05 million, jumping by 213.25% from its gross profit in Q1 2020 of USD 90.33 million. This surge was followed by a 53.56% increase in revenue, from USD 326.28 to USD 501.03 million. Then, there was also the shrinkage within the cost of goods sold from USD 235.94 million to USD 217.98 million.

Most of the revenue came from coals sales to third parties, which added up to USD 485.10 million from last year’s USD 311.79 million. It was followed by the US-affiliated parties’ sales, increasing from USD 12.57 million to USD 14.99 million. Meanwhile, the revenue from non-coals products of third parties was recorded at USD 942.836, sliding off from USD 1.91 million.

Market-wise, the export contributed USD 463.59 million to the total revenue of Q1 2021, while the domestic market added USD 36.50 million.

BYAN reported its earnings before tax was at USD 227.55 million, soaring by 373.71% from USD 48.03 million in Q1 2020. Lastly, its current year’s profit amounted to USD 177.33 million, climbing up by a whopping 340.95% from USD 40.21 million. (LK/ZH)

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