Commodity Prices Plummet, Bumi Loses Rp5.2 Trillion

TEMPO.CO, Jakarta - Coal mining company subsidiary of Grup Bakrie, PT Bumi Resources, recorded a net loss of US$387.9 million or Rp5.2 trillion in 2014 compared to the previous year of US$609 million or Rp8.1 trillion.  Bumi CEO Saptari Hoedaja said the losses also occurred along withthe decline in the company's revenue last year by 21 percent to US$2.78 billion.

“The fall in revenue is mainly the drop in coal exports from the previous US$2.8 billion is down by 37 percent to US$1.8 billion,” Saptari said in a statement on Tuesday.

Local coal market is up from the previous US$684 million to US$968 million in 2014.  Bumi’s short-term debt in 2014 swelled to US$6.8billion compared to the previous year of US$4.7 billion.  Meanwhile, the long-term debt plummeted from US$2.58 billion to US$434 millionlast year.  Earth recorded a capital deficiency last year that swelled to $733 million compared to the previous year of US$302 million.

Bumi Resources finally published its 2014 financial statements yesterday.  Due to the late submission of its financial statements, authorities of PT Bursa Efek Indonesia (BEI) suspended Bumi’s stocks along with five other issuers.

I Gede Nyoman Yetna, Division Head company assessment Grup I BEI, said the exchange have issued a written warning III and an additionalfine of Rp150 million to companies that are late in submitting their financial reports and penalties.  “The exchange conducts suspensionbeginning on the 91 calendar days from the elapse deadline for the submission of financial statements,” he said yesterday.

Besides Bumi, five other issuers who has yet submitted their financial report are PT Benakat Integra Tbk (BIPI), PT Borneo Lumbung Energi & Metal Tbk (BORN), PT Berau Coal Energy Tbk (BRAU), PT Permata Prima Sakti Tbk (TKGA) and PT Inovisi Infracom Tbk (INVS). Authority Exchange suspended trading in the securities market and cash market since yesterday’s first trading session.

ANDI RUSLI | ALI HIDAYAT