Indonesia Miner
Welcome to Indonesia Miner
Home / Directory / List News / Detail News

MNC (IATA) Scores Profit of IDR 651.7 Billion

market.bisnis.com

Fri 28 Oct 2022, 11:00 AM

Share

Events

Mnc Group's coal issuer, PT MNC Energy Investments Tbk. (IATA), posted an increase in net profit of 344.75 percent on an annual basis during the first nine months of 2022. This increase was supported by strong coal demand even though the price has been flat.

Throughout January-September 2022, IATA collected a net profit of US$ 44.95 million or around IDR 651.77 billion (exchange rate of IDR 14,500). This value is 344.75 percent higher than the net profit for the same period last year of US$10.11 million.

The increase in net profit cannot be separated from the surge in revenue of 182.89 percent from US$ 48.65 million or around IDR 705.42 billion in January-September 2021 to US$ 137.62 million which is equivalent to IDR 1.99 trillion.

Meanwhile, in the third quarter of 2022, IATA posted a revenue performance of US$ 53.97 million, up 117.61 percent yoy from US$ 24.80 million in the third quarter of 2021.

"The soaring performance of IATA is the result of the Company's strategic steps to shift its business focus to a company engaged in energy and investment, by acquiring PT Bhakti Coal Resources," IATA management wrote in a press release, Monday (24/10/2022).

BCR is the holding company that manages eight Mining Business Permits (IUP) in Musi Banyuasin, South Sumatra. A total of three IUPs are already in the production stage and the other IUP is targeted to operate in stages starting next year.

By the end of September 2022, IATA had produced more than 3 million tons of coal. The volume is 64.1 percent higher than last year's 1.8 million tons.

IATA targets to produce 10 million tons by 2023. Production volumes are expected to continue to increase as proven reserves from exploration increase.

"IATA is optimistic that coal reserves for all IUPs will reach at least 600 million tons," the company added.

As of the end of September 2022, IATA has sold 2.9 million tons of coal. Sales are expected to increase after BCR signs a long-term purchase contract with a coal trader.

IATA management estimates that it can pocket an additional revenue of US$108.42 million from these contracts and will continue to expand contracts in the future. In addition, IATA will also look for opportunities for acquisitions of new mines and assess other prospects related to renewable energy.

The coal business is seen as still having a positive outlook, amid the continuation of the Russia-Ukraine conflict and plans to cut oil production by 2 million per barrel per day by OPEC members. IATA management said cheap alternative energy sources will still be sought after, including coal. Coal prices, although they have fallen from their highs, are still holding above US$50 at US$55.83, 31.58 percent higher since early 2022.

Image source: Bisnis.com

Source: https://market.bisnis.com/read/20221024/192/1590670/pesanan-batu-bara-deras-mnc-iata-cetak-laba-rp6517-miliar

Image source: market.bisnis.com

Source Link: https://market.bisnis.com/read/20221024/192/1590670/pesanan-batu-bara-deras-mnc-iata-cetak-laba-rp6517-miliar

Advertisement

Relate News

News
17 Nov 2022, 09:00 AM

Aneka Tambang (ANTM) Records Decrease in Nickel Production and Sales Volume

industri.kontan.co.id
3253 Views
News
03 Sep 2024, 11:56 AM

Geo Energy confirms USD 220 mil term loan from Bank Mandiri

The Edge Singapore
2177 Views
News
13 Apr 2022, 08:19 AM

Turning nickel into EV batteries: Indonesia wants to take its mining industry to the next level

www.cnbc.com
3834 Views
News
21 Aug 2024, 09:45 AM

Bahlil's Appointment as Minister of Energy and Mineral Resources Fuels Optimism in the Mining Sector

Bisnis/Eusebio Chrysnamurti
3077 Views
Hello! We would like to talk to you.Please fill the details below to start chatting with us.