JAKARTA. PT Bumi Resources Tbk (BUMI), the coal mining company under Bakrie Group, reported a loss of USD 338 million in 2020 due to the COVID-19 pandemic.
Dileep Srivastava, the Director and Corporate Secretary of BUMI, explained that this loss resulted from the low volume and price of the coals produced throughout 2020. Furthermore, the company needs to spend more on interest expenses due to debt restructuring.
However, although the coal sector is currently underperformed, the company managed to score an operational profit of USD 230 million.
Srivastava also expressed his optimism that BUMI’s performance would improve in 2021. The company even estimated coal prices at the level of USD 51 to USD 54 per tonne.
“The indication of recovery in the coal sector is slowly becoming visible and sustained throughout the first quarter of 2021,” Srivastava added.
On December 31, 2020, 21.76% of BUMI was still under the control of HSBC-Fund SVS A/C Chengdong Investment Corp-Self. Then, another 5.46% went to Bambang Sihono, 3.37% PT Damar Reka Energi, 2.42% PT Valbury Sekuritas Indonesia, 2.39% Credit Suisse Ag SG, and the remaining 64.6% to the public investors. (KR/ZH)