Bayan suffers widening net loss
Saturday, July 30 2016 - 05:27 AM WIB
IDX-listed coal mining firm PT Bayan Resources Tbk said that its net loss in the first semester of this year widened by 31 percent to US$17.48 million from $13.34 million in the corresponding period of last year amid the lingering coal downturn.
The company said in a statement Friday that revenue in the January-June period of this year declined by 9 percent to $221.67 million from $224.50 million in the same period of last year.
The company said that gross profit increased to $65.38 million from $52.81 million, while cost of revenue was down to $156.28 million from $191.68 million.
Bayan, which operates coal mines in East and South Kalimantan provinces, has set coal production target of 11-14 million tons this year and sales volume target of 13-16 million tons.
The company has allocated US$35-47 million for capital expenditure this year.
Editing by Reiner Simanjuntak