PT Bumi Resources Tbk (BUMI) has set a production volume target of around 85-89 metric tons this year.

"The estimated average price is around US$51-54 per ton this year," said Director of BUMI, Dileep Srivastava, in a press release, on Tuesday (18/5).

He added that in 2020 the average sales price would be around 14% lower, sales volume would also shrink 7%. As a result, BUMI's revenue decreased by around 21% to US$3,680 billion from US$4,653 billion.

As a result, BUMI, for the period posted a US$344.9 million loss attributable to the owners of the parent entity,  reversing from a profit of US$6.8 million in 2019.

"The causes of losses are lower volume / price, interest expense including capitalization on debt restructuring, and a decrease in asset value in exploration due to the Covid-19 pandemic," he said.

Even though this sector was still depressed, the company still managed to record an operating incom