BRMS Net Profit Plunges 43% in First Half of 2026 Amid Rising Finance Costs

Jakarta - PT Bumi Resources Minerals Tbk (BRMS) recorded a significant decline in net profit for the first half of 2026. The mineral mining company, affiliated with the Salim and Bakrie groups, posted a net profit of US$12.92 million, a 43.75% drop from US$22.97 million in the same period last year, according to its interim financial report.

Revenue fell 20.7% to US$95.79 million from US$120.85 million in the first half of 2025. Gross profit consequently declined to US$55.40 million from US$72.22 million. Operating profit was also squeezed, falling to US$31.95 million from US$50.17 million, after accounting for operating expenses of US$23.44 million.

The erosion of net profit was further compounded by a sharp rise in interest and finance costs, which swelled to US$13.30 million from US$7.63 million a year earlier, in line with increased long-term borrowings. The company also booked a foreign exchange loss of US$2.03 million, a reversal from a US$2.52 million gain in the prior year.

Total assets grew to US$1.41 billion as of 30 June 2026, up from US$1.31 billion at the end of 2025, supported by increases in fixed assets, mining properties, and investments in associates and joint ventures. However, total liabilities surged 37% to US$364.37 million from US$266.01 million, driven by a jump in long-term borrowings to US$264.10 million. Total equity remained relatively stable at US$1.05 billion, while cash holdings shrank to US$32.13 million from US$40.44 million. Earnings per 1,000 shares fell to US$0.09 from US$0.16.