JAKARTA. PT Bumi Resources Tbk (BUMI) reports a net profit growth of 67% year-on-year (yoy) in Q1 2021. It is supported by the increasing coal selling price and cost-efficiency.
However, its position remains in the minus range of USD 11.7 million. “The net profit attributable to BUMI, despite still being negative due to non-coal factors, shows a positive shift of USD 23.4 million compared to Q1 2020,” Dileep Srivastava, the Director and Corporate Secretary of BUMI, explains during a press conference today (30/6).
In Q1 2021, BUMI records an increase of coal average selling price of 8%, while its cost of revenue declines by 12%.
Srivastava claims that the coal market is currently showing indicators of recovery. With this revival, the company could boost its operating margin up to 14% in Q1 2021 from 6.7% in the same period last year.
“The company wishes to improve its performance significantly in 2021, even when the COVID-19 pandemic in Indonesia is still affecting the economic recovery,” Srivastava concludes. (KR/ZH)