JAKARTA. PT RMK Energy Tbk (RMKE), a coal mining company owned by RMK Investama, recorded net profit of IDR 44.58 billion in Q1 2024.

RMKE’s net profit in Q1 2024 saw 64.48% year-on-year (yoy0 decline from the same quarter last year, in which the company booked net profit of IDR 125.51 billion.

Based on the recently published financial report, RMKE’s net profit decrease was due to its revenue in Q1 2024 that only reached IDR 585.85 billion. The revenue went down 23.10% yoy from IDR 761.86 billion.

In addition, general and administrative expenses of the company also swelled 34.89% yoy to IDR 18.52 billion in Q1 2024, as did the finance expenses by 98.04% yoy to IDR 9.84 billion.

In Q1 2024, most of RMKE’s revenue came from coal sales. This business line contributed IDR 458.25 billion or 78.22% of total revenue, while the remaining 21.78% or IDR 127.6 billion came from service income.

RMKE’s coal sales in Q1 2024 slipped 16.02% yoy, and even worse, service income also shrank 40.98% yoy. (KR/ZH)