JAKARTA – The net profit of PT MNC Energy Investments Tbk (IATA) proliferated massively to USD 9.4 million in Q1 2022 compared to the same period in 2021, in which it suffered from a USD 1.30 million loss. This result was possible due to the the increased revenue following its acquisition over PT Bhakti Coal Resources (BRC).
Natassha Yunita, Head of Investor Relations of MNC Energy Investments, claimed that the performance boost resulted from the strategic measure of acquiring BRC, which possesses nine mining licenses in Musi Banyuasing, South Sumatra. “The company’s revenue skyrocketed 2,543% to USD 40 million from only USD 1.5 million in Q1 2021,” she confirmed in a press release today (21/4).
The revenue surge fueled its EBITDA to rise to USD 23.5 million from the initial minus USD 0.3 million.
Meanwhile, BRC indeed reported production of 852,332 metric tons, increasing 95.4% from 436.251 metric tons in Q1 2021. The production of this new IATA’s subsidiary is estimated to continue growing by the end of this year as additional production comes from two mining areas of PT Indonesia Batu Prima Energi (IBPE) and PT Arthaco Prima Energi (APE). (LK/ZH)