Down 6.12% in a week, BUMI lowers production target
JAKARTA. PT Bumi Resources Tbk (BUMI) announced the revised coal production target to 76-78 million ton throughout 2024 from the previous 78-82 million ton.
This cut-down on coal production volume target was caused by several factors, ranging from weather challenges to low market demand.
“The heavy rainfall in South Kalimantan and market factors, as well as decreased production of Arutmin,” said Dileep Srivastava, Director of BUMI, in the official statement a couple of days ago.
Until September 30, 2024, BUMI posted coal production volume of up to 57.3 million ton, increasing 2% year-on-year (yoy). But it could not match average selling price that slipped 13% yoy to USD 73.7 per ton.
According to the recently released financial report, BUMI booked revenue of USD 926.88 million within the first nine months (9M) of 2024, down 21.1% yoy. However, its net profit skyrocketed 110.3% yoy to USD 122.86 million.
Based on IDNFinancials record, BUMI had shifted 6.12% down within a week to IDR 138 per share at Friday’s (6/12) closing bell. It even arrived at the third place of Top Laggards list for this first week of December, bringing IHSG down by 2.81 index points.
This downtrend was then responded by quite extensive offloading activities by foreign investors, resulting in net foreign sell of 1.4 billion shares. (KR/ZH)