JAKARTA. PT Bayan Resources Tbk (BYAN), a coal mining company of Low Tuck Kwong, reported net profit of USD 210.64 million throughout the first quarter (Q1) of 2024.

BYAN’s net profit in Q1 2024 was seen declining 49.7% year-on-year (yoy) or from the same quarter last year, in which the company managed to bring in net profit of USD 418.91 million.

BYAN’s net profit decrease was in line with its revenue, which only reached USD 769.12 million in Q1 2024. The company’s revenue in this period shifted down 26.68% yoy from USD 1.04 billion seen in the same quarter last year.

The Southeast Asia regions, including Malaysia, Philippines, Singapore, and Vietnam, were reportedly the highest contributors of BYAN’s sales in Q1 2024, generating a total of USD 411 million. Then, sales in East Asia regions (including China, Japan, and Korea) followed with total contribution of USD 166.75 million, way above South Asia regions (India, Pakistan, and Bangladesh) of USD 67.44 million and domestic sales of USD 123.92 million.

Aside from revenue downturn, operational costs of BYAN in Q1 2024 also dragged down its net profit, as seen in its cost of revenue, which rose 0.6% yoy to USD 456.97 million. Then, general and administrative expenses also swelled 29% yoy to USD 12.13 million, while finance expenses suffered 943% surge to USD 6.4 million.

In terms of assets, BYAN reported 17.2% yoy surge to USD 2.85 billion in Q1 2024. Meanwhile, total equity grew 10.97% yoy to USD 2.85 billion. Decreasing assets and increasing equity was reportedly due to dividend payment, as well as payment of some of its bank loans. (KR/ZH)