DIGIVESTASI - PT Bumi Resources Tbk (IDX:BUMI) reported that its 2024 production target is around 80 million tons of coal, or unchanged from the 2023 target which ranges from 77 million tons to 80 million tons of coal. 

The signal was conveyed by BUMI Director Dileep Srivastava during an online public expose on Wednesday (June 12, 2023). 
"BUMI has not confirmed the production target in 2024, but estimating a production target of around 80 million tons is reasonable. Later, when there is a final decision, we will convey it," he said. 

He added that coal prices in 2024 will increase by 8 to 10% compared to 2023 prices.  "If you look at the graph of coal price estimates, we actually see an upward trend," he said. In BUMI's public exhibition document, the benchmark price of NewCastle coal in the fourth quarter of 2023 is stated at 127 USD/ton and in the first quarter of 2024 at 128 USD/ton.

Meanwhile, the production target for 2023 is 75 to 80 million tons, with a reference price of 80 to 90 USD/ton and production costs of 55 to 60 million USD/ton. Meanwhile, in the first 9 months of 2023, BUMI exploited 56.2 million tons of coal with an average price of 85.2 million USD and production cost of 45.5 million USD/ton.

As a result, BUMI reported a net profit of $58.264 million for the nine months of 2023, down 84.1% compared to the same period in 2022 which reached $365.49 million. As a result, underlying earnings per 1,000 shares fell to $0.16 per share at the end of September 2023, whereas at the end of September 2022 it stood at $3.11 per share. 
However, the net profit was only able to reduce the deficit or accumulated deficit by 2.4% compared to the end of 2022, to $2.303 billion.