BRMS swings to profit

IDX-listed mining firm PT Bumi Resources Minerals (BRMS) said that it booked a net profit of US$8.52 million in the third quarter of this year compared to a net loss of $86.33 million in the corresponding period of last year thanks to higher gold and copper production at its affiliate company.

BRMS President Director Suseno Kramadibrata, however, said that revenue declined by 29.77 percent to $9.17 million year-on-year.

He said in a statement Wednesday that the Batu Hijau mine on Sumbawa Island in West Nusa Tenggara Province operated by PT Newmont Nusa Tenggara (NNT), in which BRMS has an effective 18 percent stake, has started to provide contribution. ?This year, NNT has increased its production of copper and gold concentrates quite significantly from the same period of last year,? he said.

Copper output at NNT increased to 381 million pounds per September of this year from 88 million pounds in the same period of last year. Meanwhile, gold production jumped to 504,000 ounces from 33,000 ounces.

With the contribution from NNT, BRMS no longer relies on revenue from subsidiary Bumi Resources Japan Company Ltd, which provides coal marketing services for Mitsibushi Corp Japan Ltd.

BRMS, however, said that its financial structure remains weak its current consolidated liabilities exceed current consolidated assets value.

Editing by Reiner Simanjuntak