REPUBLIKA.CO.ID, JAKARTA - Coal-mining company PT Bumi Resources posted low profit of 230.04 million USD in 2013 or declined 46.78 percent compared to 2012. The decline in operating profit due to the decrease in gross profit up to 30.2 percent or 686.2 million USD.
According to company's report to Indonesia's Stock Exchange (IDX), the decrease is due to high cost of revenue. Bumi Resource recorded revenue of 3.547 billion USD, declined from 3.77 billion USD in 2012. Company's revenue came from coal sales, services and elimination.
Coal sales during 2013 reached 5.68 billion USD with service revenue worth 129.626 million USD. However, large cost of elimination worth 2.263 billion USD eroded company's revenue.
About 78.9 percent of coals were exported to Asian countries, while the rest to European countries and local companies. Cost of revenues increased from 2.79 billion USD in 2012 to 2.86 billion USD in 2013, while operating expenses decreased 17.3 percent to 456.15 million USD.
Company successfully reduced other expenses from 1.047 billion USD in 2012 to 975.25 million USD in 2013. However, Bumi Resources was not able to avoid losses worth 660.1 million USD caused by higher interest expenses (660.95 million USD) as well as foreign exchange (136.8 million USD).
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