JAKARTA. PT Bumi Resources Tbk (BUMI), Salim Group’s coal issuer, booked USD 60.2 million of net profit in the first quarter of 2023.

BUMI’s net profit in Q1 2023 reportedly grew 39.3% year-on-year (yoy) from USD 43.3 million of net profit seen in the same period last year. This net profit surge aligns with the company’s revenue performance that reached USD 454.9 million in Q1 2023, also increasing 30% yoy.

Dileep Srivastava, Director and Corporate Secretary of BUMI, said that this year, the company struggled with unique challenges respective to its business activity. Some of them include the aftermath of prolonged heavy rainfall since late 2021, world energy crisis, and financial volatility.

On the other hand, Srivastava said that the company has to face new regulation from Indonesian government regarding royalty. “It results in high profit, especially for coal mining companies that have been granted new extension for their Special Mining Business Licenses, amounting to USD 609 million vs USD 196 million year-on-year, that were given by Kaltim Prima Coal (KPC) and Arutmin,” Srivastava added in the information disclosure.

In the operational aspect, BUMI’s sales volume in Q1 2023 reportedly reached 15.4 million tons, while KPC and Arutmin’s sales clocked up to 10.7 million tons and 4.8 million tons, respectively.

This year, the company expects production to reach 75-80 million tons at the end of this year, while setting the selling price to USD 95 to USD 105 per ton. (KR/ZH)