JAKARTA – The revenue of PT Bumi Resources Tbk (BUMI) was seen declining 31.62% year-on-year (yoy) in Q1 2024. However, this issuer still managed to score 12.29% surge in net profit, thanks to efficiency of cost of revenue, interest expense, and increased benefits of income tax.

As quoted from Financial Report of Q1 2024 on Wednesday (24/4), BUMI’s revenue was reported at USD 311.01 million, down from USD 454.86 million seen in the same period in 2023. The gross profit also slipped 73.76% yoy to USD 22.13 million from USD 84.04 million, while operating profit shrank down 84.27% yoy to USD 10.59 million, from USD 67.39 million.

BUMI booked current year’s net profit of USD 72.72 million, up 7.78% yoy from USD 67.46 million. The net profit attributed to the parent entity also grew to USD 67.63 billion from USD 60.23 million, while the profit attributed to non-controllers reached USD 5.08 million, down from USD 7.22 million.

This profit growth resulted from several factors, including decreased interest and finance expenses to USD 3.14 million from USD 6.76 million, gains on currency to USD 1.50 million from loss of USD 1.80 million, as well as other income to USD 854,080 from USD 43,616.

In addition, this issuer successfully collected benefits of income tax, rising to USD 40.95 million from the tax expense of USD 15.45 million last year, while profit sharing shrank to USD 679,784 from USD 5.64 million. (LK/ZH)