JAKARTA. PT RMK Energy Tbk (RMKE), an issuer providing coal transportation services, only posted a net profit of IDR 44.58 billion in the first quarter (Q1) 2024. This profit decreased by 64.48% year-on-year (yoy) or from the same quarter last year.

This decline was caused by RMKE's low revenue, which only reached IDR 585.86 billion in Q1 2024. The company's revenue in this period fell 23.10% yoy.

In addition, RMKE's operational expenses also increased quite significantly by 56.79% yoy to IDR 20.50 billion in Q1 2024. This increase in operational expenses resulted in the company's net profit margin falling to 7.61%.

Vincent Saputra, President Director of RMKE, admitted that the company's performance in Q1 2024 was influenced by the high intensity of rainfall throughout the beginning of the year. However, he admitted that weather conditions in the second quarter began to improve, so the company's service segment volume and coal sales had increased.

"We are grateful that this month's operational performance has reached normal volume and this increase in operational performance is a very good indication for RMKE's future performance. With weather conditions starting to improve, we are increasingly optimistic about optimizing good performance in the remaining period of this year," said Saputra, in his official statement.

Saputra added that RMKE will develop the coal logistics business by looking at existing opportunities, as well as collaborating with mining companies outside the South Sumatra area. "The company is optimistic that it can boost operational performance and increase production capacity in the second semester, so that it can achieve the company's targets this year," explained Saputra. (KR/LM)