JAKARTA (TheInsiderStories) - PT Bumi Resources Tbk (IDX:BUMI) posted audited net profit of US$120.26 million in 2016, compared to huge net loss of US$2.19 billion in previous year. The increase was due to the absence of impairment of assets and write-off of receivables. In previous year, the company posted impairment of assets of US$885.55 million and loss on write-off of receivables amounting to US$522.55 million.
In 2016, the company posted revenues of US$23.37 million, dropped from US$40.51 million in previous year.
Its pre-tax loss reached US$9.38 million, dropped from US$2.04 billion in previous year, while other income stood at US$213.21 million, compared to other losses in previous year.
The company has said it produced 86 million tons of coal last year, up 6.17% from prevuos year. This year, the company aims to produce over 90 million tons of coal. In order to improve its capital structure, the company plans to launch rights issue this year as part of the company’s efforts to restructure its debts. (*)