PT Bumi Resources Tbk (BUMI) managed to record an increase in financial performance throughout the first quarter of 2023. This coal mining issuer posted profit for the period attributable to owners of the parent entity of US$ 60.2 million, up 39.3% from net profit in the same period the previous year of US$ 43.3 million. The increase in net profit was in line with the increase in revenue. Throughout the first quarter of 2023, BUMI recorded revenues of US$ 454.9 million, an increase of 30.0% from actual revenues in the first quarter of 2022 which was only US$ 349.9 million.
However, it should be noted, this income is based on the income statement with PSAK66. Here, BUMI cannot consolidate Kaltim Prima Coal (KPC), but can only become the equity which is accounted for 51% owned by BUMI. BUMI also presents financial reports including KPC for the benefit of investors, so that it becomes a commensurate comparison with other coal companies. As a result, BUMI posted revenue of US$ 1.64 billion, up 19% from revenue in the same period the previous year of US$ 1.37 billion.
From the operational side, Director and Corporate Secretary of Bumi Resources Dileep Srivastava said, during the first quarter of 2023, BUMI posted sales volume of 15.4 million tons of bricks, a decrease of 4% from sales in the same period last year of 16.0 million. In detail, KPC's sales were 10.7 million tons (up 3%) and Arutmin Indonesia's sales were 4.8 million tons (decreased by 15%). From the production side, the volume of coal mined in the first quarter of 2023 was 16.1 million tonnes, a 1.22% decrease from the previous 16.3 million tonnes in the first quarter last year. Fortunately, the actual price of coal in the first quarter of 2023 managed to rise 23% to US$ 103.7 per ton from the previous US$ 84.5 per ton in the previous year.
