21 Apr 2022
IATA Finally Posted a Net Profit of USD9.4 Million in The First Quarter of 2022
Jakarta, 21 April 2021 – PT MNC Energy Investments Tbk (IATA or the Company) finally recorded a net profit after years of losses.
This increase in performance results from the Company's strategic move to acquire PT Bhakti Coal Resources (BCR), a company that owns 9 Mining Business Permits (IUP) in Musi Banyuasin, South Sumatra.
In the first quarter of 2022, IATA recorded revenue of USD40.4 million, up 2,543% compared to USD1.5 million in the same quarter last year. Along with the increase in revenue, the Company's EBITDA also experienced a drastic improvement from negative EBITDA of USD0.3 million to positive EBITDA of USD23.5 million. For the first time since years, the bottom line recorded a net profit of USD9.4 million in Q1-2022.