Profit may rise, yet BUMI’s debts await settlement
JAKARTA. After recording exponential profit growth, PT Bumi Resources Tbk (BUMI) will focus on utilising the profit to accelerate loan repayment.
Dileep Srivastava, Director and Corporate Secretary of BUMI, confirmed that his company is trying to speed up the debt settlement process. “It is our top priority, alongside the intention to recover the company’s welfare,” he mentioned, as quoted by Bisnis yesterday (1/9). Then, Srivastava mentioned that the dividend distribution might follow only after all debts are settled and its performance is fully improving.
Throughout the first half of 2022, this coal mining company of Bakrie Group, posted revenue of USD 968.68 million, equivalent to approximately IDR 14.45 trillion. It was 129.6% higher than USD 421.86 million or IDR 6.02 trillion in H1 2021. BUMI’s net profit exponentially rose 8,768% from USD 1.89 million or IDR 27 billion in H1 2021 to USD 167.67 million or IDR 2.5 trillion in H1 2022.
BUMI had reported of processing its eighteenth round of loan repayment worth USD 118.3 million through the facility agent on July 12, 2022. The loans consisted of principal debts of USD 115.3 million and an interest of USD 3.0 million for Tranche A. With this eighteenth instalment on the way, as of now, BUMI has repaid USD 731.3 million in cash. The concluded payment comprised the principal of Tranche A of USD 557.1 million and its interest of USD 174.2 million, including the accrual and back interest. “The entire Tranche A repayment is expected to be wrapped up by October 2022, also marking the start of the Tranche B repayment,” Srivastava revealed the plan further. (AM/ZH)