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BUMI books lower profit in first nine months of 2018
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A bulk freighter carrying coal cruises along the Musi River in Palembang, South Sumatra. (Antara/Nova Wahyudi)
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ublicly listed coal miner PT Bumi Resources (BUMI) posted US$983.2 million in gross profit for the first nine months of 2018, or 11.4 percent lower than the figure in the corresponding period of 2017, according to its latest press statement.
The company’s total revenue until the end of September 2018 was at $3.67 billion or 2 percent higher than the corresponding period in 2017, which was at $3.59 billion.
The company did not provide a reason for the decrease, but its market insight showed a decrease in coal demand from China.
"The growth of China coal-based power plants was weak. It was only at 3.9 percent in December. There was a sharp decline of coal exports to China until the end of 2018," BUMI stated.
China is one of the large markets for BUMI’s exports.
As of September 2018, BUMI’s total coal production reached 62.6 million tons or about 1 percent higher than the same period last year, which was at 62.1 million tons.
Kaltim Prima Coal (KPC), one of BUMI’s subsidiaries, contributed the largest portion of 42.9 million tons, or 68.5 percent, of total coal production.
The company aimed to produce 84 million tons of coal in 2018. It sold 60 million tons of coal in the first nine months of 2018. (bbn)
